Transaction & Payment Processing Services
Case studies in transaction & payment processing services.
Block — Should Cash App Local Grow Beyond Its Test?
In the second quarter of 2024, Block began testing Cash App Local with a handful of Square sellers. A customer could order from Cash App and earn cash back after signing up through a seller QR code or at the point of sale. Block said it was starting small as it identified the most compelling offerings. Read case
Corpay: How Far Should the Agent Go?
By early October 2026, Corpay had announced several AI capabilities in Corpay Complete. Its latest release described agents for spend insights, expense creation by voice, and accounting coding. Earlier in the year, it had announced an AI Virtual Assistant and Agent Card, a capability intended to let trusted AI agents create and use virtual cards within payment controls. Read case
EVERTEC: Pacing Repurchases After Sinqia
On March 7, 2024, EVERTEC had $150 million of repurchase authorization remaining after agreeing the previous day to a $70 million ASR. The authorization allowed repurchases through December 31, 2025, subject to business opportunities and other factors. It did not require the company to repurchase the full amount, nor did it establish that $150 million was set aside as cash. Read case
Case: FIS after Worldpay — Where Should the Proceeds Go?
On May 6, 2024, Fidelity National Information Services, Inc. (FIS) reported first-quarter results and raised its 2024 share repurchase target by $500 million, to approximately $4.0 billion. The company had repurchased $1.4 billion of shares during the quarter. Read case
Fiserv: Where should Clover grow next?
Fiserv has reported rapid growth in Clover, its cloud-based point-of-sale and integrated-commerce platform for small and midsize businesses. Read case
Global Payments: Integrating for Scale Without Losing the Fit
On Monday, January 12, Global Payments announced that it had completed its acquisition of Worldpay and the sale of its Issuer Solutions business to FIS. The transactions had legally closed three days earlier, on January 9. Read case
Jack Henry — Modernize the Core, Protect the Trust
You are an outside strategy adviser preparing a memo for an investment committee. The committee wants to assess Jack Henry & Associates' multi-year plan to modernize core banking technology through a new public-cloud-native, API-first platform while continuing to support its existing bank and credit-union systems. Read case
Mastercard: Choosing Where to Extend the Network
On March 1, 2024, Mastercard’s strategy team is preparing for its next planning cycle. The network is growing, services revenue is growing faster than the core payment-network line, and policy proposals could change routing or issuer economics. Read case
PayPal: giving the new businesses room to move
On April 29, PayPal announced three businesses intended to sharpen accountability and speed execution. By the morning after its second-quarter results, the structure was public, but the operating rules were not. Read case
Visa: Where Should the Next Increment of Attention Go?
Visa’s card network was still growing. In the quarter ended June 30, 2026, payments volume rose 10% in constant dollars and Visa processed 71.7 billion transactions, up 10% from a year earlier. Read case