Fiserv

Pricing power varies by business line. In bank tech, multi‑year contracts, embedded integrations, and scope expansion drive mid‑single‑digit price escalators and upsell, showing healthy economics. In networks, fees and routing economics benefit from scale and product mix.

In merchant acquiring, competition can compress unit economics, yet software attach (Clover apps, SaaS, ISV integrations) supports blended margins. Consolidated margin trends remain strong: adjusted operating margin reached 38.7% in the first six months of 2025, with 34–35% in Merchant and 48% in Financial.

The Clover deceleration tempers near‑term yield expansion, but scope and mix should underpin medium‑term margin resilience.