Strategic Value in Focus for FISV's STAR & Accel; Many Questions Loom

Research evidence excerpt

Strategic Value in Focus for FISV's STAR & Accel; Many Questions Loom

Global Research INDUSTRY UPDATE

July 7, 2026

■Computer Services & IT Consulting: Strategic Value in Focus for FISV's STAR &

Financial Technology Accel; Many Questions Loom■Payments

■WRG Financial Services

TD SECURITIES (USA) LLC THE TD COWEN INSIGHT

EQUITY RESEARCH

Large US banks are reportedly exploring the acquisition of Fiserv's debit networks. FISV shares

Bryan C. Bergin, CFA initially caught a relief rally, though have retraced, suggesting elevated skepticism that such

646 562 1369 a deal can overcome potential regulatory, legislative and other challenges. We debate the

bryan.bergin@tdsecurities.com

potential given notable hurdles, while limited disclosure yields wide potential range of value.

Moshe Orenbuch

646 562 1495 What Happened?

moshe.orenbuch@tdsecurities.com ■Reuters / WSJ reported (unsubstantiated) that several large US banks have held preliminary

David Duka discussions regarding a potential acquisition of Fiserv's STAR and Accel debit networks.

646 562 1444

■Ownership of a debit network could potentially provide a bank(s) with greater flexibility

david.duka@tdsecurities.com

around existing debit interchange regulations, creating a strategic incentive to explore

Hoang Nguyen, CFA network ownership. That said, some parties have already reportedly concluded a

646 562 1337 transaction is unlikely due to the heightened potential for regulatory scrutiny, merchant

hoang.nguyen2@tdsecurities.com

opposition & anticipated legislative challenges.

TD SECURITIES (USA) LLC - WASHINGTON ■Fiserv prominently highlights STAR's 115M+ cardholders and 2.8k issuers, including 24 of

RESEARCH GROUP - USA the top 50 US FI's. Combined STAR+Accel reach 5k+ FI's and 300M+ cardholders, with