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President Donald Trump may have tapped Frank Bisignano to run the Social Security Administration, but for the time being he remains very much in charge of the big processor Fiserv Inc. Early on Wednesday, he reported a robust 2024 in which the company recorded 16% growth in organic revenue—growth apart from recent acquisitions.
He also reassured equity analysts on an early-morning call that he intends to work closely with his successor, Michael P. Lyons, who is set to take over as CEO by June 30, or sooner, depending on when Bisignano assumes his SSA post. He is also serving as president.
Lyons, who left his position as president of PNC Financial Services Group last month, joined Bisignano and chief financial officer Bob Hau on the call. “I’ll make sure we we don’t miss a beat on opportunities,” he assured the analysts, adding he is working to get to know the banks and financial-services companies that use Fiserv’s platform. “I’ve had 10 or 12 client meetings [so far]. We have incredible clients,” he noted.
Lyons received an early endorsement from Bisignano, who has run the company since July 2020 following Fiserv’s acquisition of First Data Corp., where he was CEO. “Mike is crushing it,” he said. “He’s going to be better than me.” He promised close cooperation for the time he remains in his post. “Mike and I are side-by-side,” he said, adding, “I’ll be here til I’m not.”
For his part, Lyons called Fiserv “an unbelievable company, a terrific franchise.” He added he fully backs senior management’s plan for the company and said he has already participated in “10 or 12” client meetings.
One key client is Walmart, with which Bisignano assured the analysts Fiserv has an “extraordinary relationship.” This is critical because Fiserv this year will launch a pay-by-bank capability for Walmart’s online customers, using Fiserv’s Now network, a real-time payments platform.
Fiserv recorded $4.9 billion in adjusted revenue for the quarter, and $19.1 billion for the year. Both results were up 7% year-over-year. The company’s key merchant solutions unit notched $9.63 billion in revenue for the year, up 10% over 2023. Revenue in this unit for the quarter totaled $2.5 billion, up 10%. The key Clover point-of-sale technology took in $2.7 billion in the quarter, up 29%, on $310 billion in transaction volume, up 14%. Growing demand from small and medium-size businesses led to more than 100 financial institutions being signed in the quarter for merchant acquiring, according to the company.
