Fiserv is servicing these banks with less than $50 billion in assets that don’t have large IT shops, or don’t rely on outsourced or hosted solutions from third parties. These banks will have small-business customers coming in to ask about different services, maybe mobile payments, and now they have something additional they can point to in Clover.
The head of Fiserv hinted that it will pitch the point-of-sale platform Clover, which it would get in the First Data deal, to community banks as a way to defend their small-business market share from Square.