Fiserv Strikes Deal With TD Bank to Acquire Contracts, Provide Payment Tech

By Rob Curran

Fiserv struck a deal with Canadian lender TD Bank Group to provide technology, including its Clover point-of-sale system, to some of the bank's business clients while acquiring about 3,400 merchant contracts from TD.

The contracts acquired by Milwaukee-based Fiserv will encompass roughly 30,000 merchant locations, the companies said on Wednesday.

Terms of the deal were not disclosed.

Toronto-based TD Bank said the contract divestitures would not be material to its financial results. The adoption of Fiserv's systems at its merchant solutions unit will generate cost savings for TD and the transition would be seamless for clients using its payment technology, the bank said.

The deal is subject to customary closing conditions.

Write to Rob Curran at rob.curran@dowjones.com