Fiserv at Barclays Forum: Strategic Growth and Challenges

On Tuesday, 20 May 2025, Fiserv Inc. (NYSE:FI) participated in the Barclays 15th Annual Emerging Payments and FinTech Forum. The conference call highlighted the company’s strategic goals and challenges, showcasing its commitment to achieving financial targets while addressing industry trends. Executives expressed optimism about Fiserv’s growth prospects, despite some concerns over recent performance metrics.

Key Takeaways

• Fiserv reaffirmed its $3.5 billion revenue target for Clover, despite a recent decline in stock price.
• Clover’s Q1 revenue grew by 27%, but GPV outlook for Q2 was lower than expected.
• New partnerships and product launches, such as Clover Hospitality and the ADP collaboration, are seen as key growth drivers.
• Fiserv is focusing on expanding into healthcare and e-commerce sectors to increase market share.
• The company is leveraging AI and agentic commerce to enhance its payment processing capabilities.

Financial Results

• Clover’s Q1 revenue increased by 27%, building on a 30% rise from the previous year.
• The company faced challenges with its GPV, reporting a disappointing 8% outlook for Q2.
• Gateway adjusted volume growth was in the low double digits for Q1 and is expected to remain similar in Q2.
• Fiserv’s merchant revenue is evenly split between discretionary and nondiscretionary spending.

Operational Updates

• Clover introduced five new hardware products last year, aiming to boost revenue through volume, hardware, software, and capital.
• Market share for Clover remains in single digits, indicating significant growth potential.
• International expansion and the launch of Clover Hospitality are highlighted as growth opportunities.
• The integration of ADP’s "run" solution into Clover aims to enhance product offerings.

Future Outlook

• Fiserv plans to expand Clover into new verticals, including healthcare and e-commerce.
• The company is enhancing its software and data revenue streams, aiming to double its TAM in restaurants with Clover Hospitality.
• Expansion of the Commerce Hub to Latin America, Asia, and Europe is on the horizon.
• Partnerships with companies like DoorDash are expected to leverage embedded finance opportunities.

Q&A Highlights

• Fiserv sees itself uniquely positioned at the intersection of banking and commerce, with strong SMB solutions and data analytics capabilities.
• The company is exploring AI’s potential in personalizing customer experiences and streamlining payment processes.
• Industry consolidation does not alter Fiserv’s strategic roadmap.

For a detailed understanding, readers are encouraged to refer to the full transcript.

Full transcript - Barclays 15th Annual Emerging Payments and FinTech Forum:

Ramsey, Host: Alright. Welcome back everybody. And, very pleased to have Bob Howe, CFO, and Takis Gerokopoulos, chief operating officer, both from Fiserv. Thank you so much for being here, gentlemen. Absolutely.

Bob Howe, CFO, Fiserv: Thanks for

Ramsey, Host: having us. Bob’s gonna give a a some brief prepared remarks before we jump into our fireside chat.

Bob Howe, CFO, Fiserv: Yeah. So, thanks, Ramsey. Appreciate, the opportunity, and thanks for hosting us. I wanted to to kick off a little bit. And, obviously, there’s been, a lot of questions around Clover volume recently.

And, clearly, it’s been a difficult stretch for all of us investors, all the shareholders. And one of the most important things I wanna convey to everybody is I and the management team remain absolutely convicted strong conviction about our ability to deliver on a full year commitments. That’s the Clover three and a half billion dollars of revenue. That’s the organic revenue growth for the merchant and financial solutions services excuse me, financial services sector. It’s the total company organic growth, the margin expansion, EPS, everything that we reaffirmed in first quarter.

There’s absolutely been no change to that. Now if you look at Clover’s performance in the first quarter, we reported 27% revenue growth. That’s on top of a 30% growth q one of last year. So strong growth and puts us right on track for that 3 and a half billion dollars. I certainly recognize that the reported GPV for the first quarter and our outlook for the second quarter at 8% was a surprise or disappointment.

But, you know, particularly if you factor in the impact of the gateway that we’ve talked about, you know, extensively in the last three weeks, right in line with our expectations as we entered this year, right in line with where we believe the the year is going. We’ve talked a lot about, you know, x gateway, low double digits in the in the first quarter and in the second quarter. That’s our expectation, to deliver that 3 and a half billion dollars, and we feel good about our ability to do that. Just a little bit of background on that gateway because I think there’s been some misunderstanding about what that is and why we did it. This is a third party gateway that we resold, over the last several years, and we found ourselves a couple of years ago being a very large part of a a third party from a rep standpoint.

And we started to see some significant price impact and and operational impact. So we made the decision a couple of years ago or so to exit that gateway. And when you make that decision, you wanna move all of those merchants to a new gateway. And, obviously, the right choice for us is our go forward gateway Clover. So we went through that process.

It wasn’t about driving additional volume or revenue to Clover. It was about operational efficiency, cost savings, and getting folks to the appropriate gateway. We did that. We started it, late twenty twenty three, really accelerated. The peak amount of movement was in first quarter of twenty four.

So you see that impact now is is that business kinda laps itself, so to speak. The primary focus of the company on Clover in particular is revenue. Certainly, volume plays a part of that, but so does hardware, software, capital. We are building an operating system for small businesses. We’re certainly focused on adding more merchants with quality volume.

And what I mean by that is merchants that will buy it that can benefit from that full operating system capability. We could get lots more volume, but that would not be the quality volume. You Now we have a bunch of micro merchants that necessarily don’t bring all of the opportunity around this, surround the value added services, and we continue to be focused on that. If you kind of pull up from the quarterly dynamics, we are building a an operating system. We continue to, bring new hardware.

We brought five new pieces of hardware to market last year. We continue to build out, software capabilities both horizontally and vertically. And what I mean by that is capabilities that all merchants will use and benefit from, as well as things that might be specific to a restaurant or a retailer or a service. And we did a lot of that new software last year, and we’re seeing the benefits of that. That’s how you get that that spread between volume and revenue because we’re selling lots of additional capabilities and additional services, that we bring to the Clover, client base, and we continue to focus on that.

We got a long runway ahead of us. You know, we’re still kinda single digit penetration market share, whether you measure that by volume or merchants or revenue. So significant opportunity, and we continue to be quite focused on that. And then the last thing we’ve got is, you generally, we’ve got great progress on Clover. We got a great merchant business, which is bigger than Clover, and we got a great financial solutions business.

All three of those on track to deliver on our commitments this year. We’re focused on doing that. Yes. We’ll continue to drive volume because you need merchants, you need volume, but it’s a broader focus than just volume. And, we’re we’re comfortable that we’re gonna deliver on that.

And there’s a benefit of having volume. There’s a benefit of having those that full operating system. There’s significant benefit of having the merchant solutions business and the financial solutions business. You’ve heard us talk a lot about the small business integrated suite that brings the best of both parts of the company, to bear for our small business clients. We continue to expand our distribution channel.

We got lots of different growth vectors in Clover. International expansion for new countries, in the first quarter. We launched this past weekend Clover Hospitality. We continue to build out that small business suite to include ADP now fully integrated, the run solution for ADP now integrated as of the beginning of this month into Clover, the continuation of other verticals and and horizontal capability. So lots of exciting growth factors for Clover, lots of exciting growth for, verticals or to me, capabilities for all of merchant and for financial solutions.

And my good friend Takis here to my right is here to talk about all those great things we got going on.

Ramsey, Host: Fantastic. Let me ask you one quick follow-up and then I’m gonna jump right in with with with Takis, is, is there any has anything changed in terms of the Clover growth the the volume growth algorithm? You know, we’ve had a couple of quarters that obviously the street read in in particular ways and

Bob Howe, CFO, Fiserv: has any has there been any changes in terms of the drivers of that volume growth? No. No. Absolutely not. And and like I said, we continue to see kind of that low double digit volume.

We saw on a on a gateway adjusted basis in q one. We’ll see that in q two, and that’s what that’s what we’ve, you know, got factored into that 3 and a half billion dollars that we actually provided the first outlook back at March of twenty twenty two now. Fantastic. Great.

Ramsey, Host: Thank you, Bob. Absolutely. Appreciate that. Takis, it’s a it’s a pleasure to meet you today, and thank you for coming to the conference.

Takis Gerokopoulos, Chief Operating Officer, Fiserv: Thank you.

Ramsey, Host: You are a modestly new addition to the the management team of Pfizer. Why don’t you give us a bit about your background? Tell a little bit about what you’ve been doing, you know, before Pfizer.

Takis Gerokopoulos, Chief Operating Officer, Fiserv: Sure. Sure. So as you can tell from my name and my accent, I’m from Greece, background in computer science, PhD in mathematical economics. I was a partner at McKinsey here in New York, then I went to JPMorgan where I spent the last seventeen years in a bunch of different roles. For the last seven years, I was running the payments business of, of JPMorgan, which in in some ways, mirrors a little bit what Pfizer does.

There is a processing business and then a digital payments business. Joined Pfizer six months ago and took on my job about a month ago, which is why I still have notes to make sure I don’t say anything stupid.

Ramsey, Host: Fantastic. Maybe we can start, and this could be a question for either of you, but maybe we can start with some high level thoughts on the broader spending consumer spending environment, sort of what you guys are seeing out there. You know, it seems to be it’s very topical. And what what are you seeing?

Takis Gerokopoulos, Chief Operating Officer, Fiserv: Yeah. I I would say I mean, we all see the same reports around consumer sentiment. When you look at the actual spending data, you see a modest slowdown, not a decline. And you also see a shift between discretionary and non discretionary spending. You see some decline in average ticket size in some areas like restaurants.

So I would say, slower growth but still growth.

Bob Howe, CFO, Fiserv: I think important, Ramsey, for us, given the breadth of our merchant acquiring business, and this is true of Clover and and more broadly across merchant, we have a pretty good spread or or variance between discretionary and nondiscretionary. For merchant overall, we’re about fifty fifty. 50 percent of our revenue is around discretionary spending, 50% is nondiscretionary. If you look at Clover specifically, it’s a little bit more discretionary because there’s a bigger restaurant business inside of Clover, but broadly good dispersion, good exposure across, lots of different verticals. And so we tend to to weather, any economic softness or downturn, better than most.

And we’ve demonstrated that over the last, you know, many years at this point in time.

Ramsey, Host: Maybe the decades. Yeah. So back on Clover, and this is a a question relevant to Clover revenue. You know, one of the key drivers is is software there and software penetration. And, you know, you have a goal to get to 27 attach rate by ’26, I think.

And you’re already in the mid twenties. I guess, you know, how should we think about that that journey? Do you do you pause once you’ve reached it? Or, you know, what’s what which what are

Takis Gerokopoulos, Chief Operating Officer, Fiserv: we what are we looking at? I think there is no pause to innovation and to the new services that we wanna bring to our clients. I think already what we see this year is bringing a bunch of new capabilities to our clients. I would highlight cash flow central, is invoicing and bill payments, which allows us to go after the the services vertical in a much more focused way. The partnership with ADP that Bob already mentioned around payroll.

We have another one coming up around employee time tracking. We have new SaaS plans that we’re gonna launch shortly with kind of a more attractive and simpler pricing, global hospitality. And then we’ve identified a few areas where we have opportunities like health care, where you should expect, you should expect us to see more. So we are very optimistic about that trajectory. I I also wanna talk about Clover Capital for a minute, where at least the way we approach it is it’s kind of a low credit risk, low risk, low duration exposure.

We are, I would say, several times smaller in terms of exposure than what we see from our main competitors. And our cell box is relatively limited into larger merchants. So and even with that within that cell box, our penetration is still in the single digits. So in my view, and I think our collective view, there is still much more upside before we think about or before we start worrying about the risk we are taking. So I think there is a lot more we can do.

Now the other thing to think about when it comes to us is all of the new TAM that we are not addressing today. Right? So today, we are mostly going after two major verticals, health care sorry, retail and restaurants. Our market share, as Bob said, is about 10%. There is no reason why that number cannot significantly increase over time with invoicing and bill payments.

And then with expanding what we do in health care, we can take that market share, is in the kind of mid single digits, and continue to grow that. And that is before we think about ecom. And I think you’ve seen us talk about embedded finance and what we do with DoorDash. DoorDash is just one example of what we can do with marketplaces. And once you start thinking about marketplaces and the many, many buyers and sellers that interact of those, many of them are small businesses.

And as we bring together embedded finance and our merchant business and our Clover business, that will give us access to a customer base that we don’t have today at all. It’s not hardware, but all of the vast that Clover has around fraud, around invoicing, around bill payments, and so on and so forth. All of that will be relevant in that space. Mhmm. So we see a lot more upside compared to where we are.

Bob Howe, CFO, Fiserv: Now in terms of software, just to give a a a really current example, you know, we have a great position in restaurants With the launch of Clover Hospitality, which is our new software suite targeted at high end restaurants, think about, you know, white table cloth, kinda million dollars a year or larger restaurants. We just doubled the TAM that is addressable for us in the restaurant space. So we’ve had a great restaurant business. But now as we we bring our product to market that really is targeted at that high end, we just doubled the TAM with some additional software.

Ramsey, Host: Seems like a tremendous amount of opportunity. Maybe we can, talk a little bit about cash flow central. And, that seems to be a a a real differentiation in terms of, you know, in in terms of the competition as you’re tapping into kind of the a different aspect of your clients, you know, financial, you know, lives as it were. Maybe talk a little bit more about that. What is the what is the initial reaction then when with your client base?

What do you what is your perception of what the demand will be for that product and and whether your your bank clients see that as as as as differentiated maybe I’m describing it?

Takis Gerokopoulos, Chief Operating Officer, Fiserv: Yeah. So I I I think it was one of our banking clients that described it the best product he’s seen in the last twenty five years. I I think if you look at banks, right, one of the big issues that banks have is how to cover small businesses and how to service small businesses. They are very good at opening bank accounts. Some of them are pretty good about giving loans, and that’s kind of where they stop.

And then all of the other issues that small businesses have, which is how accept payments, how do we pay our bills, and how do we do our taxes. All of those are things where the wallet goes outside of the banks. And as some of the fintech started expanding their value proposition and encroaching into the banking space, the banks start looking and say, how do we compete in that space? And I would say that is probably one of the top two or three conversations that every bank in this country is having. Cash flow central is part of the answer, and cash flow central together with Clover is a large part of the answer, especially because it is embedded within the bank ecosystem.

So if you think about, you know, the bank.com front end, that’s where cash flow is embedded so that you can look at as a small business, you can look at your balances, you can look at your sales through Clover, and then you can look at all of your accounts receivable and accounts payable over a period of time. And you can see that all in one place without the need to go to a bunch of different providers, pay a bunch of different fees, and manage a bunch of different spreadsheets. So the value proposition in my view is amazing. It’s very complementary to Clover, but it’s also very complementary to our fake business. And that’s part of what I love about our business model, which is we are in the middle of both way of those streams.

Our first client on, CFC went live, and we expect to have many more coming live, over the next few months. And Clover and sorry. And CFC is also being embedded into Clover. So as a bank, you can choose whether you want Clover and CFC, which is what we hope, or you can get either one of those. And then as an SMB, when you are on Clover, now you will start being able to do invoicing if you are a professional, services, small business, and you can start seeing your bill payment.

The other thing it allows you to do as a bank is much more accurately target the right products to the right clients. Right? Before you see balances. Now you also see sales and you know future balances by seeing, you know, the cash flow. That means when you think about your small business credit card, when you think about term loans, when you think about Clover Capital, all of those things you will be able to target much better with much more information than you could in the past.

And I would say this is a gap for every bank. Even if you look at the mega banks, my former employer, this is something that does not exist anywhere. So we think we are bringing something really cool to the market.

Ramsey, Host: You also mentioned the the recent ADP partnership. And what I think is interesting about how these threads all kind of connect is that it feels to me like cash flow central, sort of reframes the services you can provide in the mind of the of the end client. And ADP, the the the the relevance of your two businesses and your two distribution, your your products sort of together are enhanced by the client thinking, okay, cash flow central. This is not just about payment processing. It’s about a bigger, you know, bigger, you know, breadth of of of offerings.

Talk about the ADP partnership. You know, what will that look like?

Takis Gerokopoulos, Chief Operating Officer, Fiserv: Yeah. So both CEOs have spoken about it publicly in their earnings and otherwise about about it, and we are very excited. The early signs that we see in terms of cross referrals are very good. I I would say the the theory behind two companies with very large SMB books offering complimentary services and making sure that ADP is embedded into Clover, making sure cash flow central is embedded into ADP, something that intuitively makes sense. And given the very large customer base of the two companies, we expect that it’s going to deliver quite a lot.

But to go back to the first part of your question, I think it’s worth just taking a step back for a minute and talking about what is Clover and how does ADP fit into that. And Clover is an open small business operating system. Right? It comes in a few different components. The first component is a dashboard that a small business owner can use to interact with us, look at their transactions, their reporting, their recommendations, their service issues, etcetera.

Then the propriety hardware, you know, the very nice Clover terminals that, all of you guys know. Then the integrated set of horizontal value added services. Think about fraud, working capital, payroll, accounting, tax, invoicing, bill payments, all of those things, some of which we deliver on our own, and some of which we will deliver with best in class partners. ADP being the prime example, but will not be the only example. Then you go as small businesses become bigger and more specialized, you go into the industry specific software.

In some cases, like restaurants, we have a fully owned solution with Clover Hospitality all the way from, like, the cart outside all the way to larger restaurant chains. With Cashflow Central, now we are able to go after, the services sector. And we work with about 2,000 ISOs and ISVs. They obviously have their own very kind of detailed value proposition for each industry. We are a offer processing hardware where it makes sense and some of the horizontal bars where it makes sense.

Then you add to that customer management, loyalty, the ability to build and manage their own website, and insights into their clients’ clients because we haven’t talked about data, but data is a big differentiator of Fiserv. And then we have this open API environment which allows us to do two things. Take that whole experience and embed it within a bank, and take that whole experience or components of that experience and embed it into partners like ADP. So we think what we have is unique. It goes well beyond payments.

We need to continue to deliver it, and we will be looking for many more of those kind of ADP partnerships with people that understand SMBs from different dimensions from which we do. That was my my follow on question in terms of whether the ADP relationship opens up, you you know,

Ramsey, Host: your aperture for more similar type

Takis Gerokopoulos, Chief Operating Officer, Fiserv: It’s it’s a great partnership, and there are many things that small businesses need. And as we find the right partners, we will continue to do that. And our infrastructure is such that it makes it very easy to do that.

Ramsey, Host: Mhmm. Despite the temptation to talk about Clover the entire time, I’m gonna actually ask

Takis Gerokopoulos, Chief Operating Officer, Fiserv: What else is there? Ask

Ramsey, Host: about something else. Carrot. Yeah. Carrot is, is something I

Takis Gerokopoulos, Chief Operating Officer, Fiserv: think is a

Ramsey, Host: little bit less well understood by the street. Maybe you can talk about, you know, what is Carrot? What’s the value proposition of Carrot?

Takis Gerokopoulos, Chief Operating Officer, Fiserv: Yeah. So Carrot is our suite of enterprise services, services for enterprise clients. And you should think about it in kind of three components. Component number one is the front end, which we call commerce hub, which is a modern API later layer that our clients use to connect to us. Today, that’s for enterprise clients.

In the future, it will be our front end for every client of, of the merchant business, including Clover. Then there is a set of software value added services, which are not dissimilar from what we talked about. It’s about fraud. It’s about all optimization. It’s about payment, least cost routing.

It’s about effects, etcetera, etcetera. Embedded finance is another component of that. And then on the back end are the data and analytics which allow enterprise clients to operate more efficiently, the ability to benchmark them against others, to compare their cost of payment acceptance against others, to provide alternative methods of payments. We’ve talked about, you know, BNPL, and we’ve talked about wallets and pay by bank and all of those things. So that in a nutshell is current.

Ramsey, Host: And and what about the revenue model for current? Is it similar to the way we think about Clover where there is payment processing revenue and then there’s ancillary revenues? Does it work that way as well or

Takis Gerokopoulos, Chief Operating Officer, Fiserv: It’s exactly the same. You know, the clients may be e com, omni, or card presence. So depending on the client, there is hardware revenue. Then there is software revenue, there is data revenue, and there is processing. The software and data revenue is becoming an increasing part of the business, and we like that because it moves us away from the kind of commoditize per transaction fee more into the places where we add value to the clients.

And then we get paid in proportion or in a relative basis to the value that we provide. We think that’s the future. We think that’s what some of the leading fintechs are doing, and that’s where we’re going.

Ramsey, Host: Another another product to that we hear about it is Commerce Hub. And the way I that is sort of an orchestration layer that brings together a lot of your different, you know, processing value capabilities. Where does Commerce Hub sit in this sort of technology stack, you know, in relation to something like a Clover or like a

Takis Gerokopoulos, Chief Operating Officer, Fiserv: Yeah.

Ramsey, Host: Like, Kara? Where where is what is Commerce Hub in that?

Takis Gerokopoulos, Chief Operating Officer, Fiserv: So Commerce Hub sits exactly at the front. Right? It is what the clients interact with. It is what the clients see their transactions with. I mentioned the Clover dashboard.

Over time, the Clover dashboard will also be connected to Commerce Hub. So Commerce Hub is how clients connect. Why is that important? Like, what differentiates best in class fintechs from everyone else is the simplicity of interaction, the simplicity of the APIs, and the simplicity that anytime you want to add something new, it’s a new country, it’s a new payment method, it’s a new set of us, it’s a configuration, it’s not an implementation. Commerce Hub is our way to do that.

It’s already live in The US. I think, actually, by the end of the year, it’s gonna be processing the largest volume, within the merchant business compared to all of the other legacy gateways that we have. And then the next thing is making it into a global front end. The first region in which we’re gonna do that is Latin America. You may ask why Latin America because we think that there there is a big market cap.

And the breadth of the offering that we have there, we think is much better than anything else that we’ve seen and therefore we’ll be able to give to global merchants America’s value proposition that we think is the best. And, obviously, after that, we have Asia and Europe coming coming through. Another

Ramsey, Host: buzzword that gets kicked around the industry that I’m curious to get your take on because I candidly have not decided whether there’s a there there, but it is agentic commerce. That’s something that we hear quite a bit about. Is there is that something that you think think about? Is there a

Takis Gerokopoulos, Chief Operating Officer, Fiserv: Yeah. A new way That reminds me in a couple of years ago a couple of years ago in a different conference, someone asked me about web three point o. At the time, that was the, you know, the best thing. But I think I think the AI is actually real for the same reason that, you know, AI is real. Right?

So, the way I think about it conceptually is we’ve had, let’s call it, three commerce revolutions in the last, let’s call it, fifteen, twenty years. The first one is kind of the, consumption slash recommendation engine, which is think of the Amazons of the world. You have an inventory, an infinite inventory of stuff, And then based on your history, you get relevant recommendations. Then you go to revolution number two, which is more, let’s say, influencer or, platform based one. And I think there of Instagram, I think of TikTok.

I think of Shao Hong Shu. Right? So what you have there is you have a bunch of people that show you the content, and you can make the purchase of multiple brands within that. You can get your fashion trends from that. So it’s kind of an evolution of that, and we can see many of the first wave companies trying to pivot to the second wave.

So then the third wave is how do you automate all of that? How do you actually have someone who can or a model that can recommend to you what is the next fashion trend that you should be thinking about? What is the next cool brand that you should be thinking about? What is the way to kind of, replenish your inventory without you having to do the work. So that’s what a Genetic AI is.

It’s a bunch of LLM models that are gonna look at your preferences, that are gonna look at your data, that are gonna look at your history. We make those decisions for you and bring it to you as the CEO to hit yes approved, make the payments. I would say in my view, the LLM is almost the commodity in all of that because we see kind of a lot of LLM models and I expect to see much more democratization around the models. And I think the value will be much more around the customer experience, the knowledge of the customer, the ability to tokenize, sub ledger, protect, understand the consumer ID, and make all of that happen in a way that’s seamless and upscale. And the reason why I’m excited is because these are exactly the things that we know that we do well.

And, you know, there is much more to come here, but I don’t believe this is web three point o. I think this is much more real. I think we see use cases in retail. We see use cases in small businesses. I mentioned inventory management.

We see use cases in, you know, travel where you can, you know, give the AI your itinerary and they can find the cheapest flights. I’ve kind of, you know, almost there. And it’s up to us to create a partner with, with the right clients and kind of deliver on that. Very long answer.

Ramsey, Host: No. No. That’s fantastic. I think we’re all trying to trying to figure this out. You obviously have a very, nuanced and and sort of privileged view of it.

And and so changing channels completely, there’s been some large scale consolidation. Maybe this is a question for both of you guys. There’s been some large scale consolidation in the industry. Some of your competitors are are feels like it’s 2018 again, combining. What is the does that what does that say about the competitive environment?

Are you perceiving that there will be any changes in the competitive environment? And what is the m and a backdrop really look like?

Takis Gerokopoulos, Chief Operating Officer, Fiserv: Let me start with a narrow and then Bob can give the broad one. The narrow one is it really doesn’t change anything for us. We have a road map. We have our investments. We have our software development pipeline.

We have our clients, and we have our prospects. And we have a very clear plan of what we need to deliver, whether it is Clover, whether it is enterprise, whether it is issuing, or whether it is fake. But I would say it does reinforce one thing, which is with those changes that we saw, we are now the only company that sits at the intersection between banking and commerce. And in my view, that creates two very big competitive differentiators that we believe are kind of real and sustainable. The first one which I mentioned, SMB and the ability to connect the dots between what small a small business needs and what a bank needs and can deliver.

That I believe is unique. And our market share, again, is single digits. I think that’s part of what’s gonna drive it. The second thing is data. Everyone talks about data.

There is no company that has the breadth and the depth of issuing merchant and banking data as we do. And that means the ability to understand a consumer, the ability to understand a small business, the ability to to reduce fraud, the ability to provide insights to our customers about their customers, the ability to benchmark by combining that information in my view is unique, and it’s a competitive differentiator.

Bob Howe, CFO, Fiserv: Not not much to add to that. And we’re focused on on delivering for our clients with our roadmap and our capabilities. We think we’re we’re in a great position as Taka says to have both that merchant and that banking capability of financial solutions. We think that adds to our our product capabilities. It adds to our distribution capabilities.

These are companies we’ve been competing with for a while. They’re gonna morph. They’re gonna adjust. They’re gonna change. We think we’re in a great spot and looking forward to continue to compete.

Ramsey, Host: Fantastic. Great conversation. Thank you so much for being here

Bob Howe, CFO, Fiserv: and talking. Thank you very much. Appreciate it. Thank

Takis Gerokopoulos, Chief Operating Officer, Fiserv: you.

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