Ladies and gentlemen, please welcome Executive Chairman, Jeff Yabuki.
Good morning and welcome to our 2020 Investor Day. I'm Jeff Yubuki and it's a great pleasure to be with you today to share the significant progress we've made since our transformative combination closed only 16 months ago and the very bright future we have ahead. Although we would have strongly preferred to be in person, we opted for health and safety. Regardless, we've constructed a great program in a safe and socially distanced fashion to provide you with an understanding of our strategies, action plans and expected results for the next several years. Our overarching message today is the next decade of growth and value.
This showcases not only the value we expect to create over the next several years, but shines a light on the true power of your company and how we expect to drive best in class results for clients, associates and shareholders for many years to come. As we get started, please familiarize yourself with the forward looking statements as we expect to talk about the future and the important role we'll play in shaping the world of payments and FinTech. Given the circumstances, we did pre record much of today's content to be absolutely certain we would be able to deliver our compelling investor story to you as promised. I'm sure we can all agree that 2020 has been quite a year. Even so, your company has made tremendous progress across numerous fronts, including driving high value integration, unlocking and delivering synergies much faster than expected, moving innovation forward, seamlessly completing the BAM separation, and most importantly, delivering best in our class financial performance in the face of this global pandemic.
Our results this year have showcased the power and resilience of our business model, which includes what we believe is the best management team in the industry and should also translate to our 35th consecutive year of double digit adjusted earnings per share growth, along with both record sales and record free cash flow. Now, we prepare to enter 2021 with momentum, confidence and an unrelenting focus on delivering client and shareholder value, all paired with a disciplined approach to capital allocation you have come to expect from Fiserv. We have a great agenda planned for you today. Frank will get us started with a strategic and business overview, integration perspectives and his focus for the next few years, including our medium term financial outlook. Next, we'll have Guy Sciarello showcase our broad technology advantages and ways we are utilizing innovation to deliver differentiated value for clients, while meaningfully enhancing our competitive position.
The majority of the day is dedicated to a comprehensive look at our primary business lines with a significant focus on growth as well as snapshots from each of our global regions. We will share the compelling strategies that we believe are foundational to further expanding market share, while sustainably driving superior financial results. Bob will then go in-depth on the financial implications of our strategies, with a significant focus on delivering shareholder value through capital allocation. And as you will see, we expect to generate a lot of capital to allocate. Last, Frank will wrap the session with a punch list of his priorities.
Then we'll adjourn to Q and A. Now recognizing the nuances of digital delivery, we'll take a couple of 10 minute breaks, one about midway through the business sessions and the last one just prior to Q and A. Please get comfortable as we have important insights to share over the next few hours. Before we get started, let me say thank you one last time. Being CEO of Fiserv for nearly 15 years has been the great privilege of my life and your trust, support and confidence has made all the difference.
The outcomes at times may have been great, but I assure you the journey has been far better. Fiserv and its people are truly special and it has been an honor to be part of it. Now before I pass the mic to Frank, let me tell you what a great pleasure it has been to work with him. Frank brings a relentless energy and commitment to excellence at a level far higher than I have seen in my 35 years in business. I marvel at the people who label Frank only as Mr.
Fix It, and not because he can't fix things, he is the master. Instead, some people don't understand what's at the core of that idea, why he fixes things, whether it's Citi, JPMorgan or First Data, fixing was always the means to an end and that end is more growth. When we announced our combination in January of last year, I shared our belief that many had missed what we saw in diligence, a growing, executionally strong, focused enterprise, which was both misunderstood and undervalued. For example, our merchant business continues to grow faster than peers, taking share across all segments, including digital. And as you will see later, we anticipate further acceleration ahead.
Make no mistake, Frank is about winning, delivering growth, driving innovation, and of course, we can also depend on him to fix things whenever it may be needed. Frank brings the right skills at the right time to truly deliver on the promise of our next decade of growth and value. We are fortunate to have him at the helm of our company. With that, let me invite my friend, partner and our CEO, Frank Bizzignano to the stage.
Thanks, Jeff. In these crazy times of virtual living, allow me to give you a virtual hug, to thank you for all you've done for this company and to personally thank you for everything. You have been a great partner. If there was a Hall of Fame for CEOs, Jeff Yabuki would be in on the first ballot. Good morning, everyone.
I hope all of you, your family and loved ones are healthy and safe as we continue to navigate this unprecedented period. I know that time is your most precious resource. And I thank you for joining us at our Virtual Investor Day for allocating your time to hear our story. At the end of today, our goal is for you to leave with 3 key takeaways. First, that we will accelerate innovation from our already formidable set of leading technology our already formidable set of leading technology platforms and solutions to expand the total addressable markets across each of our businesses.
2nd, to understand why Fiserv is so well positioned for today and tomorrow. You saw the strong performance and market share gains we delivered in 2019, which continued into the pandemic, showcasing our best in class business model, attractive client base and favorable geographic diversity. 3rd, how we intend to build on our storied past of driving value through capital allocation to deliver even more for clients and you, our shareholders. Today, you will learn how we intend to create value for our stakeholders at the intersection of innovation and best execution. Today's presentations are designed to answer every question you have about the company.
I thought it would be helpful right upfront to share some highlights that I believe are important to your understanding of the durability and sustainability of your company. You will hear from Devin about our share gaining e commerce business, including the launch of our new brand, Carrot, for our market leading enterprise capabilities. Today, we have more than $1,000,000,000 of annual global e commerce revenue. And of that, more than $750,000,000 is direct revenue serving a wide variety of clients, including many of the top brands. Earlier this year, we raised our cost synergy targets by onethree to $1,200,000,000 Now given the tremendous progress made in the last 9 months, we've accelerated our integration, and we expect that $1,200,000,000 to be fully actioned by the end of 2021.
At the same time, we raised our revenue synergy target 20% to over $600,000,000 by 2024, which we expect to achieve. And more importantly, should continue to add to our growth rate well beyond the 5 years, further supplementing growth for the next decade. Nearly 90% of new Clover merchants are also new to Fiserv and they are highly satisfied. Devin and Guy will share more about our technology and business strategies to ensure you understand exactly why we see it as the industry's leading platform, why it's growing well above the competition and why we're so optimistic about Clover's future. We are the number one core provider, period, as well as the number one and fastest growing in the $1,000,000,000 to $50,000,000,000 asset space.
In addition to our modern digital core solutions, you'll hear from Todd later about how we are building a unique multi product bundle that is vital to the client success. One example is with our P2P solutions. Byron will share why we now have 3x more Zelle Financial institution clients than any other provider. Delivering integrated and innovative solutions has always been a great economic model for Fiserv, and we are incredibly confident about our leading positions. You're going to hear about Optus, our industry leading card issuer platform and one of the reasons we've won $120,000,000 of new business this year alone.
Andrew and Himanshu will share details about our unique positioning with the best card platforms and solutions, which are delivering record levels of new mandates. You'll also hear from Bob that we expect to generate over $30,000,000,000 of capital from free cash flow generation and management of our debt to EBITDA ratio to build shareholder value over the next 5 years. And as I've said many times, not only am I a firm believer in Fiserv's historic capital allocation strategy, it is exactly how we will allocate capital moving forward. Let me provide some sense of the true scale of your company, which contributes to our optimism. We have a great business model, best in class assets and we are innovators.
That combined with the scale and breadth you see on this slide, the opportunity for additional growth is significant. We will continue to use our scale to drive an innovation advantage, which will allow us to expand our total addressable markets and allow us to serve the best clients around the world. You will hear a lot about how we have expanded addressable and more important attainable markets throughout the course of the day. At Fiserv, we love clients and we love numbers. Throughout the day, you will hear about our best in class operating model, technical prowess, strategies and vision for a better tomorrow.
All of that is fundamental to our commitment to value. One of those benchmarks is the consistency of our model and strength of leadership to deliver 34 consecutive years of double digit adjusted earnings per share growth, and we're about to deliver the 35th. Through those 35 years of untold numbers of disruptors and new disruptive technologies, we've maintained our unmatched streak. And in many cases, throughout those years, Fiserv has actually been the disruptor. I feel a deep responsibility to continue the legacy of leaders who came before me and believe that with our technology prowess and talented leadership team, you'll see today, we will continue to streak long into the future.
As we brought the companies together, Jeff and I thought it was important to reinforce the Fiserv cultural framework, our aspiration, values and purpose. For example, while each value is equally important, it is no coincidence that earning clients' trust every day is our first value. And as a direct result, we're having terrific success in the client's office with more than 20% sales growth so far this year and a meaningful increase in client satisfaction scores compared to prior year. I'm so proud of the great track record of this company that shows up in so many ways. 11 out of the last 12 years, including the last 7 in a row, Fiserv has been named a world's most admired company.
I understand the characteristics that have led us to achieve this honor year after year. And I am fully committed to ensuring that we nurture those characteristics well into the future. This slide shows the impressive and consistent performance of the company and its incredibly strong and resilient business model, which has generated a more than 42,000 percent total return since its IPO in 1986. I am honored to be the 4th CEO of Fiserv and stand on the shoulders of those who came before me to build upon the model of durability and sustainability across every type of market. I'm proud of what has been accomplished to date and look forward to accelerating innovation, broadening our distribution advantage, continuing to win in the client's office every day and allocating capital to build value for the decade ahead.
Let's transition from the power of the model to the power of value creation through operating excellence. Important ways we deliver value to clients and shareholders is through this principle based approach to operating excellence. Whether integrating 2 great companies or running business day to day, we adhere to our roadmap of value creation. It all starts with the client. We are constantly endeavoring to make our products and solutions, our delivery, our client service and everything in between better.
And that takes talent, technology, tools and much more. And we measure everything we do. For example, we measure client success in 2 ways. 1 is in our sales results, where we have seen sales increase more than 20 The second is by conducting regular client surveys. In our most recent surveys, we saw meaningful improvement in our client satisfaction scores.
And throughout the pandemic, clients have told us that we are there for them when they need it most. We will continue to take steps to ensure that we achieve meaningful improvement again next year. I am keenly focused on continually increasing our speed and agility, which as you know are key characteristics of innovative companies. You've seen us execute for our clients at world class speed during the pandemic, which is translating to strong results for you, our shareholders. You will continue to see us operating with speed and pace at all times.
It is in the fabric of Fiserv. You will see elements of our operating model in action throughout the day. It's a team based partner approach that consistently puts the client first. For example, you'll hear from Guy, who partners with all of our business leaders to drive innovation and technology advantage across the company. You'll also hear from region heads who partner deeply on their solutions with our North America leaders.
This team based approach, the way we bring businesses together is an accelerant to growth across the company. I'm so darn proud of the leadership team you'll see today. And they're only half of the senior leadership group that I believe is the best in the industry. These are all strong leaders in their own rights but perform even better collectively as a team. And beyond the most senior level, there are hundreds of executives that are doing fabulous jobs leading your company.
Sustaining our award winning people platform is central to our long term success. Throughout this fast paced complex integration, we've kept the best talent on the field, evidenced by a low single digit regrettable loss rate at the vice president level and above since the close of the deal. Our commitment to our platform comes through loud and clear in our recently completed annual engagement survey. A very strong 92% of associates responded, and the overall engagement score increased in the midst of a material integration effort, as did every single category, including client experience, communication and teamwork, diversity and inclusion, manager effectiveness and trust. And in most of the categories, Fiserv scored within the top quartile of Fortune 500 Companies.
Our associates are the lifeblood of the organization, and I cannot be more proud of the way that they've responded through the integration and even more so through the pandemic. I feel great about our talent quotient. If you take talent and leadership and execute against a principle based approach to integration, it will deliver excellent results. Every metric on this page is better than originally anticipated when we announced the transaction. We expect $1,200,000,000 in cost synergies to be fully actioned by the end of 2021, about 24 months earlier than anticipated.
And we expect to achieve more than $600,000,000 of revenue synergies in the 1st 5 years, which is foundational to the opportunity to deliver a decade of additional high quality revenue growth. While integration of this transformational merger will be completed much earlier than expected, we anticipate significant economic benefits from both revenue and cost savings long into the decade ahead. Bob will discuss the operational effectiveness opportunities that we already see beyond 2022. Alongside those achievements, we've generated strong free cash flow, reinitiated our share repurchase program well ahead of schedule, allocating 1.7 $1,000,000,000 to share repurchase since deal close. And at the end of the third quarter, we had also paid down about $1,900,000,000 of debt.
In front of you is a scorecard of how we are doing against our transaction commitments just about 16 months post close. While I won't read every number on this slide, I am sure we can agree that we have executed very well against these commitments, exceeding targets on each item, faster than expected and have laid the tracks for significantly more value creation than originally anticipated. And none of this captures the fact that the combined company performed better in 2019 than initially expected, which creates a far better jumping off point to build value into the future. Our strong performance, despite the worst economic environment in more than a century, is a testament to the strength of our team, the importance of our principle based operating approach and the power of our business model. Jeff and I put these companies together for one reason.
We had a shared vision of having a single company, which had both the best set of assets and the industry leading position in payments and FinTech. The 4 pillars you see in front of you are the basis for our excitement and enthusiasm about the future: core account processing, digital payments, global card solutions and a global merchant acquirer, all number ones in their own right. And collectively, this set of assets will unlock even more value. Let me give you some economic perspective on each pillar. First, our Global Merchant Solutions business is taking share, growing faster than our peers.
We are strategically well positioned with our e commerce and digital capabilities, industry mix, favorable geographic diversity, best in class distribution and clover, all of which should allow us to accelerate growth. We expect internal revenue growth will be in the range of 9% to 12% in 20222023 or said differently, over the medium term. Our integrated banking business affords us a privileged position serving thousands of financial institutions with our modern real time core platforms. That, combined with the rich set of digital surround solutions, is the key to continuing growth in this segment as well as feeding other segments high quality integrated revenue opportunities. We expect to continue to take market share and grow internal revenue in the range of 4% to 6% over the medium term.
Our card based payment solutions include our leading credit and debit issuer businesses, along with the 3rd largest debit network. This business spans the full spectrum of solutions and geographies for financial institutions of all sizes and offers tremendous optionality for the future. We expect this business will grow internal revenue in the range of 6% to 8% over the medium term. And finally, our digital payments capabilities are front and center as we migrate to a right now real time world. We believe this area is somewhat underappreciated by the market as we expect new payment methods to rapidly accelerate and have lasting impacts on how people and businesses move money.
We expect that we will grow internal revenue in the range of 5% to 7% over the medium term. We believe that each of these pillars will not only have strong internal revenue growth, but will also have tailwinds to increase adjusted operating margin going forward. What you will see today is an ecosystem that is unparalleled and a platform for innovation and growth for the decade ahead. We are singularly positioned across all four of the pillars with this rich set of assets. Throughout the day, you will hear each presenter discuss strategies to deliver superior performance.
Across the enterprise, we are committed to these 5 strategic principles. We will redefine the client experience by utilizing the latest technology to drive innovation across our payments ecosystem, striving to adopt the latest in artificial intelligence to eliminate friction and enhance every interaction. We will build deep technical integration to bring the highest level of client experience. Our people are our most important asset. We will invest in their development and internal mobility.
We have created a people platform to attract the best and the brightest. Diversity and inclusion will be a strategic element of all our people practices. We'll expand our employee resource group mandates and increase our community involvement at every level. We will utilize the latest technology such as RPA and artificial intelligence not only to accelerate innovation and drive best in class client satisfaction, but also within our day to day operations to drive operational effectiveness in the years ahead. We will continue to utilize our tried and true strategies for capital allocation with a singular focus on building significant risk adjusted shareholder returns.
And finally, complementing our company wide innovation focus is to build a smarter future. As you know, we allocated $500,000,000 of incremental innovation investment as part of our commitment to acquire First Data. In addition to discrete innovation projects, we see breakthrough opportunities, which we believe can redefine the payments and fintech landscape and should increase client value, competitive differentiation and deliver stellar results well into the next decade. Before I turn the stage over to the rest of our team, let me walk you through our outlook for 2021 to 2023, which we published in a press release this morning. Bob will also provide you more color during his presentation later today.
Importantly, for 2020, we continue to expect to deliver at least 11% adjusted EPS growth, delivering the 35th consecutive year of double digit growth for our shareholders. Our preliminary outlook for 2021 is to deliver internal revenue growth in the range of 7% to 12%, which reflects the strength of our businesses, revenue synergies and the very favorable benefit of a pandemic based comparison. We also expect very strong 20% to 25% adjusted EPS growth, which is enabled by at least 250 basis points of adjusted operating margin expansion. Our medium term, 20222023, which assumes a steady state post COVID environment, we anticipate internal revenue growth to be in a range of 7% to 9% and adjusted EPS growth of 15% to 20%. Using the midpoints, what this means is by 2023, revenue would be up about $4,000,000,000 to $18,000,000,000 Adjusted EPS at the midpoint would be about $7.40 And adjusted operating margin would be up more than 500 basis points.
This performance would also generate more than $13,000,000,000 of free cash flow by 2023 to create additional shareholder value. We could not be more excited about our future. And now I'm proud to introduce my partner, Guy Sciarello. Guy, as far as I'm concerned, is the best technology and innovation executive in the financial services sector. I've stood shoulder to shoulder with him across many fronts over the past 13 years.
I've asked him to talk about how his past experiences are contributing to the journey we're on today. Over to you, Guy.
Thanks Frank for that intro. Having spent the last 35 years at the forefront of banking, technology and innovation, I've been able to gain deep hands on experience in transformation. As Frank mentioned, I've led technology for several top financial services companies beginning with Morgan Stanley, where I engineered real time trading platforms and as the CIO led the company through the dotcom era. In 2007, Frank approached me to put that experience to use as CIO of JPMorgan Chase just as the wave of turmoil was about to hit the banking sector. Integrating Bear Stearns and Washington Mutual Bank was defining at that time in the capital markets.
But in parallel, we are leading the transformation of banking technology for Chase from the digitizing of bank branches to the creation of mobile banking. At First Data, it was more about using technology to drive payments to a new level. Clover symbolizes this as we have created a leading global business platform with 100 of engineers. Simply put, my point is, I've been here before and I am very confident in our path forward. I'd like to focus on a few key areas that will ensure our success and the role that innovation will play.
Every day, we aspire to move money and information in a way that moves the world. And I have to say, we do plenty of that. We also recognize our responsibility to be the best at execution and client satisfaction. You heard that in Frank's comments and the results, well, they're speaking for themselves. Our technology team spanning 20,000 professionals around the globe are focused on delivering superior value for our clients through leading technology, targeted innovation and excellence in everything we do.
Our Technology Center of Excellence in India alone houses over 6,000 engineers. And since the merger, despite historically low attrition, we've hired over 3,000 additional professionals experienced in cloud and digital. These skills are critical as we deliver our new products through agile development and cloud technologies. Fiserv is and will continue to be a leader in digital. Now in all honesty, we may not have spoken loudly and consistently enough about this, but today we want to make these points more broadly known.
As Frank highlighted earlier, we have expanded our leadership position in the FinTech and payments ecosystem. Our unrivaled scale and data assets empower us with unique advantage. 12,000 times a second, 1,000,000,000 times a day, we are delivering trusted financial transactions and connecting with nearly all U. S. Households.
It's staggering to think about the amount of intelligence we are gaining with our clients and the differentiating opportunities ahead of us. With the short time we have, I want to highlight some of the principles that drive our innovation and our culture. While we have been investing in digital and embedding AI into our solutions for years, as recent events have increased the adoption of digital, we are laser focused on accelerating where it matters. In parallel, we have been implementing modern gateways and transforming our developer portals. This will provide the simplicity desired by enterprises, financial institutions and leading startups.
Our strategic drive to multi cloud delivery allows us many options to meet our clients where they choose. In fact, nearly all of our primary platforms are cloud enabled today. To further accelerate all this innovation, we have assembled a leading partner ecosystem to complement what we believe is the best technology team in FinTech. From the world's largest technology firms to the most exciting IPOs of late, together we are building a smarter future. Please hear what they have to say.
VMware and Fiserv have been partners in innovation for many years using cloud native architectures, microservices and advanced reporting and analytics functions, Fiserv's digital teams have catapulted commerce experiences into the digital age.
Both IBM and Red Hat have had the privilege to partner with Fiserv over the years. We've worked together on re architecting Fiserv's and First Data's existing worldwide technology infrastructure, turning it into a new state of the art platform.
The partnership with Fiserv is one that we value here at Sunflare.
Alexa powered devices. Over the past several years, we've seen a major transformation at Fiserv, positioning Fiserv as a fintech of fin FinTech.
The recent push to digital payments and contactless commerce has required merchants to rethink their in store experiences. Verizon is proud to partner with Fiserv to meet the needs of our customers. With VMware's
technological capabilities and Fiserv's
I hope you're as excited as we are to continue this transformation together.
We at Palantir are proud of our work with you, building a revolutionary data asset and we're looking forward to a really innovative and cool future together. The present and the future really does belong to people who show and demonstrate innovation.
It's through our mutually beneficial relationship that we will continue to thrive, create and explore uncharted territory with the number 1 Fin
I just want to thank our partners for those great comments. Fiserv is truly positioned to be driving at the forefront of the technology industry. I'd now like to dive deeper into some specific areas of technical innovation that we are extremely excited about. Clover, Karat and our next generation of open banking and payment solutions. I want you to be as confident as we are about their market leading capabilities.
I'll cover the technological advancements powering these solutions and then my colleagues will cover the business plan and growth opportunities. Clover is a great proof point highlighting how we bring innovation to the market at scale. It wasn't long ago that Culver was a concept to build the next gen point of sale. Fast forward to 2020, as you can see, we have rapidly scaled the platform across verticals and geographies. As of the Q3, Culver is processing $133,000,000,000 in gross payment volume annually and international volumes have grown to 10% of that total now 3 times greater than just 2 years ago and this expansion is just beginning.
This year alone Clover will enable over 2,000,000,000 consumer interactions across 400,000,000 unique cards on file. I know you'll agree, Clover has a leadership position relative to its immediate peers and is set to further accelerate. From the start, we engineered a cloud based open platform with rich APIs and digital surrounds that allowed for 3rd party app integration and provide data and AI capabilities. An important point here is our approach to Clover's design and architecture is what we are driving across our platforms. Our commitment remains to providing our SMB clients with all the capabilities that have historically only been available to large businesses.
The items highlighted in green represent recent additions creating further growth opportunities for Clover. The CardConnect acquisition brought us CoPilot, the partner management tool allowing ISVs and agents to manage merchant portfolios. Clover Connect now tightly integrates CoPilot with Clover taking full advantage of these fast growing channels. And with our recent acquisition of Bypass Mobile, we have created Clover Link. This allows us to expand into major chains and large businesses with advanced payment capabilities and enterprise hardware management.
From e commerce to mobile commerce, we have been at the forefront of digital for years. With revenues here now exceeding $1,000,000,000 our leading technology continues to fuel the engine of growth. Targeting enterprise clients, Carrot is the new single brand for Fiserv's go forward omnichannel commerce solutions. For years, we've had leading commerce technology, but the Carrot Commerce Hub is all about delivering simplicity. The strategic steps we have taken are now fueling the growth that you are seeing today.
You'll hear more about Carrot's business opportunities from Devon, but I want to highlight the key technology points. We start by enabling a modern development portal with best in class APIs and SDKs across iOS, Android and the web, while embedding drag and drop payment frameworks into cloud environments. We have streamlined the ability for clients to connect with us through a single cloud based gateway to gain full access to enterprise class digital solutions. So simply put, we are providing a single hub with a single entry point for global acquiring in the cloud, let's take a look at a real life example. ExxonMobil was once a client of core acquiring services.
Now, we are combining numerous capabilities to provide them with differentiating value and growth. Fiserv, ExxonMobil and Amazon recently joined forces to deliver a next generation integrated experience at over 11,000 locations nationwide. Please take a look.
In 2016, ExxonMobil partnered with Fiserv to deliver an industry first mobile commerce solution for paying at the pump. For the first time ever, customers could drive into a gas station, use their phone to activate a pump, order food from the convenience store and even purchase a car wash, all without ever reaching for their wallet. Today, we're making this experience even easier.
Alexa, pay for gas.
Pump 7 is ready. After fueling, Amazon
pay and be on their way. The digital commerce experience, including geolocation at Exxon and mobile stations, pump activation, payment tokenization, AI powered fraud prevention and even loyalty and gift card support is powered by Carrot omnichannelcommercetechnology from Pfizer.
I hope you can see why we're so excited by Carrot and the unique commerce opportunities we're enabling for prestigious brands around the world. So now let's shift gears and discuss the future of banking. Here, we are focused on enabling the transformation for financial institutions and issuer clients. After years of revolutionizing branch and Internet banking for our FI clients, we have been aggressively executing on providing omni channel banking capabilities and digital surrounds. Our mobile banking solutions are allowing our FI clients to gain leadership positions and now serving nearly 80,000,000 users.
This evolution towards Open Banking boils down to our FI clients wanting integrated solutions and data provided as a service via the cloud. To accent this with a recent proof point, just 2 months ago, we converted New York Community Bank with over $50,000,000,000 in assets onto our real time DNA core with 75 add on products. Let me provide a bit more insight into what we have done here and where we're heading. Most importantly, what FIs really desire is what we are delivering. Many of our cores are already cloud ready, deliver real time banking and are enabled with comprehensive digital surround solutions built on the latest technologies.
This is what allows them to retain, grow and delight customers and is one reason why we're winning in the marketplace. We have understood this and have been making significant investments here for some time. On average, our FI clients use 37 Fiserv products. They are leveraging our innovation advantage and making it their innovation advantage. We continue to invest in areas that can provide growth including non card payments and commercial capabilities across card, lending and cash management.
Powered by our technology advantage, our FI payment offerings continue to both expand and scale. For example, we recently just enabled our 5 hundredth client on Zelle, which is more than a fivefold increase from just a year ago. Let's double click on yet another example of innovation at scale with Cardhub. Here's a short clip to give you the visual on how we're launching new enhancements for our card issuing clients.
CardHub Instant Issue from Fiserv makes applying for and getting a credit card quick and easy. Just select the card that meets your needs. Choose the ID you want to submit for verification. Capture and submit your ID. Then take a selfie and blink your eye to prove you're the one applying for the card.
The card application is already filled out for you View the terms and sign digitally Once you're approved, you can instantly add your card to your phone's digital wallet And you're ready to shop online and for contactless transactions while your physical card is in the mail Plus, you can see when, how, and where you're using your card, even tag transactions for business reimbursement, monitor your spending over time, and get full transaction details for every purchase you make. It's Card Management at your fingertips with Cardhub Instant Issue.
This rich yet simple experience that provides end to end servicing for cardholders is just an example of what we're doing. You will hear more about this from Andrew and Himanshu later today. Reflecting on today's theme of a decade of growth and value, delivering a smarter future for our clients is a critical priority. We have committed at least $500,000,000 in incremental investment to drive growth and value for both Fiserv and our clients. As Frank mentioned earlier, this is focused on delivering breakthrough innovation and enterprise growth, much of which will be enabled through technology.
Most importantly, this is truly about next gen, not next quarter. We have organized our leaders across the company over the last 6 months to focus on purposeful transformation. They have been actively advancing ideas and opportunities that we are confident will bear fruit. With our leadership team driving, these working groups are also acting as innovation incubators cultivating out of the box thinking inside our company and redefining what's possible for our future. We are confident that we will produce breakthrough opportunities and drive growth as we begin to execute on some of the early ideas being generated so far.
So to summarize, we have been laying the foundation of a smarter future. We've been executing our vision to transform and modernize our systems, products and solutions to expand growth, increase margins and drive client excellence. To reiterate, Fiserv is and will continue to be a leader in innovation. I want you to know how truly confident and passionate I am about our direction and our ability to execute. I know my colleagues will further reinforce this with you as well today.
And now it's my pleasure to introduce you to one of those colleagues, Todd Horvath, who leads one of our finest businesses, Account Processing Services. A great personal and professional outcome of our merger has been my opportunity to work closely with Todd. Together, we focus every day on delivering the excellence I spoke about to our FI clients through our technology, solutions and service. I'm truly honored to have Todd as a colleague and excited to have him continue the dialogue. Over to you, Todd.
Thanks for the good word, Guy. Actually, it's my honor to work alongside such a great partner. And now you can see why Frank Sedgai is the best technology executive in the business. With the industry's best and most privileged client relationships, a leadership position that's gaining share and the right capabilities and innovation to power our clients' digital transformation, our core account processing business has the winning combination to accelerate growth. I'm Todd Horvath and I am proud to lead account processing for Fiserv.
And with more than 2 decades of experience in high growth businesses, delivering enterprise technology to companies around the world, I've successfully led the transformation of traditional systems to modern cloud solutions. I'm honored to be with you today and excited to share our proven approach to driving digital transformation, future proofing our clients' success and accelerating revenue and earnings growth for Fiserv. As you can see, we are by far the industry leader and number 1 provider in core mobile and online banking. We've achieved this through our differentiated and advantaged business model. Our clients rely on us to deliver integrated value and we deliver that value at scale for more than 3,700 privileged relationships.
In fact, our core clients on average take an additional 37 products from us, a number that has been growing steadily over the last several years. And we expect our share of wallet to continue to grow with the forecast acceleration in IT spend. And this is how we drive growth. As we grow the number of clients, accounts and transactions, our high percentage recurring revenue model grows with it. And speaking of growth, let me tell you about the strength of this market.
One of the more interesting misperceptions in our space is that the market is shrinking. And while the number of FIs has been consolidating for years, the number of accounts, assets and transactions and most importantly IT spend have all continued to grow. Although we did see a headwind in 2020, over the last 5 years IT spend growth averaged about 5%. And going forward, we expect the market to accelerate to more than 6% growth as FIs double down on their investments in digital transformation. And with our advantage position, targeted solutions and resilient business model, we are poised to capture a disproportionate amount of that growth.
And one of the ways we're going to accelerate growth is by continuing to win. Discerning buyers are choosing Fiserv because of our leading innovation and proven execution. In fact, no other provider has won more Nucor Logos in the last 2 years and we are winning in the places where it matters, Clients that see the value in buying the entire enterprise, they rely on us to guide their innovation, deliver leading technologies and power their digital transformation. A great example is our recent win and successful conversion of New York Community Bank with over $50,000,000,000 in assets. NYCB went from a competitor's in house legacy core to our digital core in Fiserv's private cloud and also implemented 75 Fiserv surround solutions, all done almost completely remotely.
Another impressive proof point that Fiserv can support the largest of banks even in these extraordinarily challenging times. We are also winning with the technology forward buyer from challenger banks to mission driven FIs like First Women's Bank. In addition, one of the most exciting synergy wins of the year, Rakuten, who initially signed with First Data for credit processing and saw the value of the newly combined company and selected Fiserv to be the core platform powering their innovative banking and financial service business. For clients that need to digitally transform today, Fiserv's modern, real time, cloud enabled core technology is clearly the winning solution. We were honored to be recognized by Aite as the only best in class provider among 20 core vendors doing business in the U.
S, including the newest entrants. Not only are we winning more than anyone else, we are also winning more in the fastest growing segment of the market. We are now the leader in the $1,000,000,000 to $50,000,000,000 asset segment with a 42% share by FI count. And while larger FIs predominantly follow a license model and either build in house or buy best of breed from a diverse set of suppliers, FIs in the $1,000,000,000 to $50,000,000,000 space tend to rely on us as their core provider to deliver end to end integrated value. We have grown the number of clients in this category by 23% and are the 1st core provider whose clients have reached $2,000,000,000,000 in assets, greatly exceeding the market asset growth rate.
Winning new clients is an instrumental pillar of growth and fuels our advantaged business model. Innovating market leading solutions and delivering them at scale through our privileged relationships. We have a long history of delivering integrated value and achieving double digit sales growth with our clients, consistently expanding our share of wallet and increasing our total attainable market through new product innovation. In fact, we have doubled our TAM over the last 3 years, adding over 35 products, creating $2,400,000,000 of incremental market opportunity. We have also increased the product penetration rate with our clients by 20% over the same period.
The cumulative impact of entering a higher spend macro environment, continuously increasing our TAM and delivering our proven double digit sales growth leads us to expect revenue growth and acceleration moving forward. So now, let me share with you the main components of our innovation strategy that we believe will deliver the next in digital banking. Fiserv has built the most modern and agile technology platform or high performing Fintechs are or high performing fintechs are the bedrock of our innovation strategy. Approximately 70% of our clients are already running in the Fiserv Private Cloud and we also support many clients running hybrid and public cloud deployments. A great example is a recent proof of concept to support an extremely large and sophisticated FinTech.
In less than a month, we deployed DNA Core in the public cloud, simulated environment with 12,000,000 accounts and 2,000,000,000 transactions being decisioned in real time, all with phenomenal performance and response time. With our scalable and high performing cloud enabled cores, we are confident we can support our clients through the next wave of digital transformation. But digital transformation isn't just about the cloud. It's also about increasing customer engagement. Our clients want to bring the branch directly to their customers and we have leading omni channel solutions to address these needs, such as customer relationship management, sales and marketing automation, digital origination and instant card issuance.
Only Fiserv is at the intersection of digital banking, merchant, lending and purchasing data for 100 of millions of accounts. And this data will power countless new solutions like a rich C Suite cockpit for deep real time insights and AI driven tools to empower better decisioning in areas like fraud, balance sheet optimization and credit analytics. Our clients can engage their customers in uniquely valuable ways due to the breadth of our omnichannel solutions and unparalleled depth of data. Digital transformation is also about harnessing the incredible power of the broader FinTech ecosystem to unlock countless new revenue streams. We were thrilled that Cellent has recognized one of our clients for the customer experience transformation they achieved.
Leveraging our core platform, open architecture and APIs, they built a frictionless end to end digital banking experience that drove direct deposit growth of 30% in the 1st 24 months. We are also bringing together a Fiserv app market experience for 3rd party Fintechs and our clients to directly access APIs, a developer sandbox environment and direct integrations of 3rd parties. Another key component of our open baking strategy is Notify, our real time event streaming service, which is currently monitoring over 17,000 events per minute across Fiserv solutions. And these events are used to create tens of millions of insights that deliver real time data, increased digital engagement and drive greater adoption of Fiserv solutions. We know that the urgency for FIs to digitally engage their customers has only heightened due to the COVID crisis.
And we have seen firsthand the structural shift in customer behavior that came as a result of this pandemic. Digital laggards are now embracing new ways of banking. And as the adoption of digital solutions increases, so do transactions, accounts and revenue to Fiserv. Over the 1st 9 months of the year, we've seen strong growth in mature products and experienced exponential growth in newer digital solutions such as Zelle, SecureNow and Digital Account Opening. As the market leader, we have the right solutions to power our clients' digital transformations.
And a great example is the award winning solution we built in partnership with Broadway Bank. Broadway developed a customer centric digital banking solution that reduced the process of opening a checking account from 20 minutes to only 2 minutes totally paperless on a device of the customer's choosing. This is just one of the many digital transformations we are delivering today. And by bringing together 2 great companies, we have created a new set of value added digital solutions we can bring to market.
Homeowner Emma wants a backyard fireplace. She calls store owner Renee, who offers some good suggestions as well as some great financing options. Emma applies and is immediately approved for a new loyalty credit card issued by Renee's Bank. She immediately gets a notification from her bank's mobile app and sets up a payment plan for the fireplace. Back in the store, Renee looks at the latest sales data right on her Clover dashboard.
Joan, the bank manager, receives a notification. The store's fireplace sales are HOT hot. Jones AI powered CRM solution combined with the new merchant data from Clover provides a rich opportunity to recommend what bank products Renee might be interested in. Joan immediately sends those to the store's relationship manager, Paul, so he can reach out to discuss options. Based on the combination of bank, merchant and external data sources, Paul can review the store's projected cash flow, sales history and average price for commercial space in the market.
Now, Renee has options. Maybe it's time to add another location. Paul calls Renee to see what she thinks. She likes what she hears And she's just getting started, connecting consumers, merchants and financial institutions together, effortlessly powered by Fiserv.
As you just witnessed, Fiserv can power a tremendous amount of the value that happens at the intersection of commerce and banking. And our FI partners see this too. We have received extremely positive feedback from our clients on the differentiated value we generate when we bring our digital banking assets together with our merchant solutions. To date, we have partnered with our clients and closed over 200 deals and our pipeline is extremely strong and continuing to grow. In an environment where FIs are looking for ways to realize alternative sources of revenue, adding merchant solutions drives growth while deepening their customer relationships, ultimately accelerating growth for Fiserv.
When we brought these 2 great companies together, we immediately gained a rich set of new capabilities that increases our market opportunity even further. We now sit at the intersection of the vast data that comes from our Clover Merchant ecosystem, payments transactions and the rich detail from our core banking solutions. We are uniquely positioned to deliver the next generation of integrated value. And throughout the day, you will see several examples of the tremendous innovation we're bringing to market. Ultimately, this results in a new range of value added products we can distribute to our client base.
We believe this will accelerate client value, sales and revenue growth. I hope you're as excited as I am about the future of this business and see the tremendous opportunity ahead. Our market is large and healthy and growth and technology spend is accelerating. We are the share leader, outperforming in the fastest growing and most attractive segments. And we are winning more new clients than anyone else.
Our differentiated business model, proven ability to execute and client trust to power their digital transformation gives us structural advantages, which strengthens our leadership position and we expect this will result in accelerated internal revenue growth and adjusted operating margin expansion. Thank you very much for your time and attention today. I spoke about the differentiated value created by bringing these 2 great companies together. And one of the advantages for me personally is the opportunity to work with great new colleagues. Andrew Gelb and Himanshu Patel are among the best in the business and are going to share with you more about our leadership in card payments.
And now, Andrew Gelb.
Thank you, Todd. Working with Todd has been a great example of our partnership model. We've been collaborating together to elevate our people platform with a focus on FinTech innovation. Both original companies brought leading card payments businesses to the merger and the combination has positioned Fiserv to create differentiated value and deliver true innovation at scale. I'm Andrew Gelb, and I'm delighted to be here.
My friend and colleague, Himanshu Patel, and I are going to speak to you today about our leadership in card payments. Himanshu and I have worked shoulder to shoulder for the last 6 years with offices virtually next to each other. Our businesses are so intertwined as is our shared history. I couldn't have a better partner in the issuing business. I'm confident that Himanshu and I will demonstrate why card payments is one of the most compelling areas of growth within the company.
Having combined 2 industry leaders, Fiserv is now the clear number one issuer processor. Prior to the merger, original Fiserv had been focused on debit processing and ATM services primarily for community financial institutions as well as operating the Excel network. First Data had been focused on credit and debit processing, mainly serving larger issuers. First Data also provided processing services around the world and ran the Star network in the United States. Today, we serve all issuer client segments with a full range of solutions and scaled world class surround capabilities as well as operate the 3rd largest U.
S. Debit network. As one business, we're already actioning numerous areas of integration and shared innovation, all geared at driving best in class client value. We generally see the card payment buyers market operating in 2 ways, those which prefer a broad suite of integrated services and those that choose to acquire services to more fully customize their offerings. Fiserv is able to meet clients where they are and not force them into a single one size fits all model.
This holistic approach is unique and competitively differentiated. We believe that it will build substantially more value over both the short and long term. Today, Himanshu will focus on our integrated buyer segment, along with our combined debit network business, and I'll focus on our large issuer segment. Before I go further, let me give you some insight into my background. I spent nearly 20 years at Citi in a variety of leadership roles, both in the United States and around the world.
Since 2014, I've run issuing businesses at First Data and now Fiserv. At Citi, I was actually a major client of First Data's before Frank asked me to join his leadership team at First Data. My deep understanding of this industry is fundamental in forming client relationships, setting strategy and driving results. I'm passionate about the role we play for issuers and understand what financial institutions want in a trusted partner. I'm confident that you'll share my enthusiasm for this tremendous opportunity.
Our business with large issuers has never been better positioned. We have a market leading offering, more than $120,000,000 in sales this year alone and $1,000,000,000 of new attainable opportunity. Fiserv is the leading processor for large issuers with 1,400,000,000 global accounts. Our clients include 26 of the top 50 credit card issuers in the United States and many more around the world. Fiserv is the only provider that has major clients across both credit and debit.
We're also the industry's largest integrated provider of payment cards and statements, particularly post merger. In total, this business generates more than $2,000,000,000 in global revenue. Fiserv is unique and that we process all account types, credit cards, debit cards, retail private label and installment loans among others through a single platform on behalf of our clients. We have one platform in the United States and one primary platform for international markets through Vision Plus. Clients benefit from shared investment, operational efficiency and integrated surround solutions across the single platform.
We benefit from scale, efficiencies with managing fewer code bases and integrated client connectivity. The surround solutions are a key part of our value proposition. Large clients configure these to their individual offerings. Almost all clients use multiple surrounds. This page also illustrates the various ways we create value.
We grow when clients use more of our surround solutions, when they expand their portfolios or when we win new clients. We also leverage our platform scale to achieve better margins. At our investor conference in 2016, we highlighted the growth commitments you see on this page. I'm proud to say we've delivered on or exceeded each one. We've expanded our presence in areas such as digital and installment loans.
We've doubled our international business through Vision Plus. Most importantly, we've gained more than 40 new large issuing clients around the world with an average of $5,000,000 in annual revenue per client. Most notably, Alliance Data, one of the largest credit card issuers in the United States, recently made the strategic decision to partner with Fiserv. We've asked Ralph Andretta, Alliance Data's Chief Executive Officer, to explain why they chose us.
Well, it was a competitive process and Fiserv was clearly somebody we were interested in. But after a review, it was clear to us through the process that Fiserv had the capabilities we were looking for. They gave us a competitive advantage in the marketplace, the ease of integration, bringing their product suite to the fore and made it very easy for us to select Fiserv as our partner for the future. They are plain and simple a catalyst for growth for us. Seamless integration puts us on the map in terms of competitiveness.
They're innovative. It's a stable platform. We can build on it. We are thrilled with our arrangement with Fiserv. They are clearly the partner we trust, the partner we'll grow with and the partner we see long term.
I trust Frank and his team to do the right thing for us.
Thank you, Ralph. We are so excited to partner with you and your team. Beyond Alliance Data, you can see some of the other major clients who have selected Fiserv. Clients across traditional banks like ABSA, digital banks like Open Bank, cutting edge Fintechs like SoFi and consumer finance companies such as Genesis and Atlantica, clients in Latin America, Europe, Africa and Asia. We've won almost all this business through competitive RFPs, including direct takeaways from the competition.
In total, as we mentioned earlier, our business has signed over $120,000,000 of new annual revenue since the beginning of 2020. We anticipate that most of it will onboard in the next 12 to 24 months, adding to our growth rate. Large issuers do not switch providers frequently. This volume of new mandates demonstrates the strength of our proposition. Given our momentum, I'm excited to announce a new brand for our North American platform to elevate its identity.
The industry has always called it the Omaha platform in recognition of the city where it was established. Today, we're proud to introduce Optus, the new brand for our enhanced platform. This was not the same solution it was even 5 years ago. We've launched innovative new products, introduced restful web services and invested heavily in our infrastructure. We also have ambitious plans to keep investing in Optus through further enhancements, including new servicing tools and cloud based capabilities.
Optus represents who we are today and is essential to our next phase of growth. We have a clear strategy for this next phase of growth. Our strategy builds on where we've been focused in the last several years and addresses key trends, including the rise of alternative financing, digital innovation and the growth of credit cards worldwide. There are 4 key pillars to our strategy. Each has significant attainable market opportunity.
This is not the total market, but the incremental growth we can realistically capture in the large issuer space. Across these four pillars, the annual attainable market opportunity is $1,000,000,000 The first prong of our strategy is continued investment in cardholder surround solutions across credit and debit. Some of these are completely new, others are a result of the merger, and a few have replaced existing solutions to bring more value. Customer acquisition includes a new originations engine from original Fiserv and instant digital issuance capabilities. Digital engagement includes a real time communications engine, our new loyalty solution and contactless payment enablement and card production.
Portfolio Management includes a new fraud solution with artificial intelligence and the expanded suite of card production and statement solutions that resulted from the merger. These investments are already making a difference in the marketplace. We have a strong pipeline and demonstrated merger synergies that will only grow. We continue to strengthen the focus we began in 2016 on installment loans and commercial cards, key adjacencies to our core credit solutions. Fiserv's advantage is that both of these are supported on the same single platform that supports consumer credit.
Our installment loan technology already supports 9,000,000 loans, and we've established strategic partnerships with issuers such as Citizens Bank. Citizens has been at the forefront of banks focused on installment lending. We continue to expand upon our relationship with them and other financial institutions to support leading brands. Additionally, we're leveraging the power of Fiserv to engage new retailers in our merchant business for buy now pay later programs. Commercial cards are another adjacency with ample opportunity, particularly in the new Fiserv.
We estimate the total market for commercial to be 75,000,000 accounts in the United States. As I mentioned previously, we've won several new commercial mandates recently and we'll build on this momentum. We're upgrading our solution stack and surround capabilities to win even more mandates and cross sell revenue. Installment loans and commercial cards are among the most active growth areas for our clients. These are significant opportunities for our business, and I feel great about our positioning.
Digital is clearly one of the most important battlegrounds for card issuers. For large clients, we've developed multiple digital experiences. Guy showed you the Cardhub solution earlier. This is a cloud native mobile solution that integrates all of our capabilities like instant issuance, controls and alerts and payments into one comprehensive digital experience. Clients can deploy the entire mobile application or pick and choose a subset of these services through SDKs.
For clients that want to create their own digital solutions, we offer an extensive suite of APIs. We frequently launch new APIs to bring clients even more choice and flexibility. Our digital advantage is in being able to develop solutions that scale across the entire market. Credit and debit, packaged and custom, large clients and integrated buyers. We're making the right investments to position for a digital future.
Much of what I've already discussed is relevant everywhere, but I want to spend some time on our business outside of the United States, which is our single largest opportunity. Fiserv has built sustained differentiation by deploying VisionPlus regional technology centers to process for clients. We call our Vision Plus processing offering 1st Vision and serve as many markets as possible through each center. We've had great success with this strategy, nearly doubling our number of international accounts. But there is still large untapped opportunity.
Many international issuers representing billions of accounts still process in house. We have 4 strategies to capture this additional opportunity. 1st, we'll continue to serve more markets from each technology center. For example, we established the new technology center in India in 2018, and we're already leveraging this center to process for issuers in other Asian countries. We've also introduced a lightweight cloud based solution for markets with onshore data requirements and are investing in further cloud deployments.
And we're integrating original Fiserv assets, such as DDA account processing and enabling Vision to support open banking and P2P payments. Our international strategy will enable us to continue to grow around the world. There is no other provider that has our reach and proven execution. In summary, the momentum in our large issuer business is clear. Optus and Vision Plus are the industry's leading platforms.
We're on boarding $120,000,000 in 20 20 wins. Our strategy addresses key growth areas like digital, installment loans in the global market. We have significant attainable revenue opportunity totaling $1,000,000,000 And given our track record of delivering on our commitments, we're even more confident about our future. Now I'm pleased to hand it off to my longtime colleague and partner, Himanshu Patel, who will cover the integrated buyer client segment in our Debit Network business. Over to you, HP.
Thank you, Andrew, and thank you for your partnership as we work together. The card services business today is one of Fiserv's fastest growing and most profitable businesses characterized by years of market share growth and yield expansion. The opportunity set for us has truly been transformed by the Fiserv First Data combination. I'm Himanshu Patel and I could not be more thrilled to lead card services for Fiserv. Many of you may remember me as the former CFO of First Data.
This has been a very helpful vantage point as I move from being an outsider who observed Fiserv including through the diligence process to now operating a business unit that encompasses one of original Fiserv's most successful businesses. Card Services is a nearly $2,000,000,000 business that includes the integrated solutions issuer processing client segment as well as Fiserv's combined debit network business. As you hear my presentation, I'd ask you to keep in mind 3 points that I've observed over my journey that I believe are foundational enablers of our success. 1st, the strength of our existing business model. 2nd, the ability of our debit network business to harness the power of Fiserv's merchant and issuer processing businesses.
And lastly, our secular exposure to U. S. Debit transaction volume growth. With that, let me first discuss our integrated solutions business and then we'll cover network. The integrated solutions business is highly successful.
It's been a consistent market share gainer, something that I observed during my 6 years at First Data. We have over 3,500 clients nationwide, spanning community and regional banks to Fintechs and Credit Unions. The deep technical integration of our solution between card processing, surrounds and core account processing is a significant competitive differentiator and drives high client retention. Our surround solutions where we invest heavily are a major contributor to our high operating margins and we build solutions with an eye towards scalability. Solutions are delivered to both new and existing clients through a highly disciplined distribution model comprised of hundreds of feet on the street and digital marketing capabilities.
Debit is the tip of the spear in the integrated business and this has proven to be a highly successful strategy because nearly every financial institution today offers debit cards. We integrate our core debit offering with a set of high impact surround solutions, risk, digital, credit and network to name a few. Without a doubt, we deliver more value to our clients from surround solutions than core debit processing, illustrating a key enabler of yield expansion in our business model. We sign up over 100 new clients per year in this business. You can see here a small sampling of our recent wins, but more importantly, take note of the breadth of surround solutions that these clients have chosen to utilize.
To be clear, this is not a cherry pick list of wins. If you collectively look at all of the clients that we signed last year, we enjoyed 75% plus attach rates for all of our major mature surround solutions. And you can see the sizable opportunity to grow the attach rate on 2 recently launched surrounds on the far right, credit and ATM managed services. Our clients are using our surrounds at such strikingly high rates because they see a clear value prop in the way we engineer and integrate them into our overall offering. And herein lies one of the most attractive attributes of this business model that immediately struck me.
We can launch new solutions with a high degree of confidence that they will see very attractive client take rates within a few years. In our next phase of growth, our objectives which align to our now expanded capabilities are to first expand our reach into the larger end of the integrated market, where card portfolios are bigger, particularly credit cards and clients are often underserved with a truly integrated solution. 2nd, we plan to more aggressively pursue non Fiserv core APFIs as many of them increasingly value an integrated card solution, especially in today's mobile centric world. 3rd, we want to provide incremental high value surrounds. To execute on this, we are launching world class credit and digital capabilities and building omni channel cardholder experiences.
These enablers individually and in aggregate will substantially extend our reach within the integrated market to better serve larger FIs and non Fiserv core APFIs to client segments where we have significant white space. The first of these enablers, a powerful new credit solution for the integrated client segment was launched in Q3. The new solution harnesses the rich underlying technical capabilities of the Optus platform, but it has been specifically designed for the integrated market. Real time integration with all Fiserv course, integration with the same market proven surrounds used in our debit solution, creating a truly unified cardholder experience between debit and credit and true commercial card capabilities, something we previously lacked in the integrated segment. In a nutshell, we believe our new credit solution is a dramatic upgrade from our previous capabilities and the most powerful available to clients in the integrated market.
For Fiserv, we believe this solution will also drive more debit and network clients and allow us to target larger clients given their greater preponderance to issue credit cards. Our new credit solution opens the door to sizable incremental revenue opportunity. There are 4,000 FIs in the integrated market that offer their cardholders a credit card. This population represents a $300,000,000 addressable opportunity for processors with an additional $500,000,000 plus opportunity for program managers to agent banks, a market that we are actively exploring. Within this pool of 4,000 credit card providers, today our market share is fairly small, particularly relative to the market shares that we typically enjoy in other products like debit or core.
We believe we can substantially grow our credit share because of our enhanced new solution, especially given its tight integration with our debit solution. Indeed, over 1600 of these 4,000 credit card providers are FIs with whom we already have a major relationship, primarily for debit processing. If our new credit solution is utilized by 75% of just our current debit clients and attach rate comparable to what we see for our mature surrounds, we would win another 1,000 credit clients medium term. In addition, non Fiserv clients are more likely to choose us for both debit and credit for the first time because we now offer a superior credit solution. Our new solution is now live with 2 dozen clients.
There are over 200 names in the pipeline and we're just getting started. We intend to aggressively promote the new solution starting next year. All said, we are poised to substantially grow our market share in credit. In truth, we now believe we can lead with either debit or credit, allowing us to reach a much broader set of clients. A desire to have rich digital capabilities has now moved to the top of the list for our clients since the pandemic.
We are accelerating our digital capabilities in multiple ways. CardValet is the mobile card solution that we offer our clients through APIs and a white label app. Over one half of our clients have signed up for card valet and consumer adoption is growing over 40% year over year, but it's still in the early innings. Higher consumer adoption leads to higher client retention as FIs are particularly reluctant to change their card processor when such a change leads to disruption in cardholder facing applications. CardValet represents a 2 $100,000,000 addressable opportunity for us in the integrated market.
But we are not stopping at CardValet. This short video best explains a new digital solution that we are launching next year.
The world has officially gone digital. We expect immediate, connected, seamless payment experiences with digital card advantage from Fiserv, the new end to end virtually instant way to access cards long before they arrive in the mail. Check it out. Just follow the steps, verify your identity, choose your funding method, enter the activation code, and the card is ready to use. See the card number and start shopping.
You can add the card to Apple or Google Pay. Even add it to apps like ride sharing and video streaming services. It's that easy. Digital card advantage, from Fiserv.
As you just saw, with Digital Card Advantage, consumers can sign up for an account and start transacting in minutes. NFIs can see higher cardholder acquisition rates and improve their ability to be top of wallet. And the financial attractiveness to Fiserv of a product like DCA is its ability to scale primarily within our existing client base, who issue millions of new or replacement cards annually. Our 3rd growth enabler focuses on creating an omni channel cardholder experience. FIs are increasingly demanding a 360 view of their customers across all cardholder interaction channels.
Fiserv is uniquely positioned to meet this need because we often control and operate the technology for all of these cardholder interaction channels in the integrated segment. Here's a glimpse at one of our early offerings in this arena aimed at fighting account takeover. Given the assets we control, we can enrich traditional fraud decision with data from these cardholder interaction channels. If someone called your bank's contact center under your name and failed authentication multiple times and then did a PIN change on your debit card at an ATM on the same day, that suspicious sequence of events can be scored in aggregate and in turn be used to better inform the next authorization decision on that card. To summarize, we are not standing still in the integrated market.
We intend to enhance our value proposition to clients through innovation rooted in carefully chosen points of integration that few others could easily replicate. Now let's discuss our network business. We expect our debit network business to continue to grow and we have the scale to do it. We are the 3rd largest U. S.
Debit network. We're on the back of 1 third of the debit cards in the country and increasingly viewed as the clear alternative to the global brands. Our network invests heavily in innovations such as card free cash, which allows cardholders the ability to get cash from a nearby ATM without a card. Separately, the combination of Fiserv and First Data gave rise to material network revenue synergy opportunities. We're pleased with our network synergy performance so far.
And I think it's fair to say that I've seen more opportunity than what we originally envisioned during diligence in this area. We've already actioned $170,000,000 of annualized network revenue synergies and we strongly believe this will grow. We are uniquely positioned to win in the network space as we can harness the power of our issuing and acquiring assets to help our network. We drive the issuance of debit cards enabled with our network through offerings that integrate network, debit, ATM and credit. Such offerings help our clients improve cardholder experience in areas like disputes and fraud.
We also leverage our merchant business in unique ways to grow our network. The complexion of Fiserv's merchant business is particularly complementary to our debit network business with a large mix of small merchants who delegate routing decisioning to their acquirer and a large merchant book that is particularly strong in debit heavy verticals such as grocery and Petro. Lastly, we intend to expand our share of non pin transaction types by continuing the push into new cardholder verification methods or CVMs. This is a journey, not a sprint and we have all the assets to do this. With the scale that we have established in our network business, we have an opportunity over the medium term to expand our networks coverage across additional CVMs.
This chart explains the price. The U. S. Debit network market has $3,000,000,000,000 of spend volume and $8,000,000,000 of revenue. Traditional pin debit networks such as Star and Excel have historically been confined to the single message portion of this market, which you can see here is only about 1 third of the market's spend volume and even a smaller portion of the market's available revenue.
Both issuers and merchants are increasingly seeking alternative network options across all CVMs. Therefore, we intend to continue our push into pinless and signature and we also want to be prepared to support more nascent CVMs like biometric. Our network is also positioned to provide Fiserv strategic optionality. We are not just one of the country's largest debit networks. Rather, we are a large network owned by a company that spans many endpoints and which conducts a broad range of transaction types.
A large base of DVA accounts, credit accounts, bill pay transactions and merchant locations. A trusted and scaled point to point network can be used for multiple use cases that exist today or those that could emerge tomorrow. Our debit network could for example, be used to provide richer supplemental data between merchants and issuers to improve fraud performance. In short, our network business combined with our other assets ensures that Fiserv will be well positioned to capitalize on future opportunities within the payments ecosystem. In closing, I couldn't be more excited about our future.
Card Services is one of the fastest growing and highest operating margin businesses within Fiserv. We expect this to continue for years. The combination of Fiserv and First Data has unlocked an additional $1,000,000,000 in attainable market opportunity for us. Our focus on integrated solutions and cardholder experience will differentiate us. In the network space, we have the know how to fully harness the power of Fiserv acquiring and issuer processing assets.
And all of this is additive to a business model that already benefits from strong secular growth in U. S. Debit volumes. As such, we anticipate 8% to 10% internal revenue growth medium term and continued adjusted operating margin expansion. Thank you for your time.
And now we'll take a quick break. When we come back, you will be joined by my colleague and business partner, Byron Valir. He'll discuss our non card payments business as well as our digital banking solutions through many of which we provide our clients
Ladies and gentlemen, please welcome Head of Payments and Digital Solutions, Byron Valir.
Welcome back. I hope you're seeing the opportunity and feeling the excitement from my colleagues about the future of Fiserv. Consumer behavior is changing at a scale and speed that we've never experienced before. Anything that can be done digitally will be and chances are it'll be done in real time. Good morning.
I'm Byron Valier, Head of Payments and Digital Solutions at Fiserv. I've spent the last 3 decades in executive roles at Financial Services and FinTech Companies driving the digitization of consumer experiences. And it's been encouraging to see how quickly consumers and small businesses have adapted to a much more virtual environment. Today, I want to update you on our significant position in the digital payments segment and our strategy to capture the $1,000,000,000 growth opportunity in front of us. I'll start by discussing the overall market.
To say the payments industry is large and growing is an understatement. In 2021, there will be 57,000,000,000 transactions across bill payment, P2P and account to account transfers. Over the last decade, payments volumes grew roughly 5% annually. And as you can see, bill payment is the largest segment and includes payments at financial institutions, biller sites, paper checks and cash. P2P or person to person is the fastest growing segment and includes Zelle, Venmo, Popmoney and others.
Growth is being fueled by the move to real time and the increasing comfort level consumers have with digital and mobile payments. Account to account transfers move money between internal or external bank accounts. Transfers from a savings account to a checking account or a 3rd party brokerage account would fall into this category. This is the 2nd fastest growing segment. As you'll hear, Fiserv has established itself as an innovative leader in this large and growing market and we're well positioned to win.
We are leading in the payments market and are uniquely positioned at the intersection of billers, financial institutions and consumers. In each of the major market segments, we're the number one provider with nearly 4,000 bill pay clients representing 29,000,000 active users. We deliver over 360,000,000 e bills annually and process over 13,000,000,000 ACH transactions. The numbers speak for themselves. But this is not just about scale.
Each of these metrics represents a network of endpoints that allows us to deliver payments and data to any U. S. Digital device in real time. There is no other provider in the market that has the breadth or the depth that we have. And in a fast evolving payments market, we have all the assets to power all the next generation payment solutions.
So how did this all come together? We have this market leading position through a decade of intentional innovation and acquisitions. It started with check free, which gave us market leading connectivity to financial institutions and billers. We knew the world was changing, that real time was coming and Fiserv would be the leader in the space. In 2014, we launched the NOW network, which in many ways was an idea ahead of its time.
However, we have a vision of the future and continue to invest in real time and ubiquitous connectivity. We made important integrations like Pet Plus, which gave us real time connection to our core clients. More recently, we significantly increased our scale with the addition of First Data. And earlier this year, we acquired Inlet, a powerful enabler of our strategy that gave us access to more biller data and a network of over 6,500 financial institutions. Each of these milestones added new connection points to more financial institutions, consumers, billers and small businesses, resulting in the industry leadership we have today.
We have continuously increased the scale of our network by integrating endpoints like DDAs, billers, payment networks and digital consumers. These endpoints give us access to 100 of millions of consumers, 60% of the eBills in the United States and over 6,600 financial institutions. And in just the last 3 years, we've added millions of new endpoints. The breadth and scale of the NOW network allows us to quickly react to market opportunities. And the combination of our payment and merchant footprint creates an even more massive, more capable network that's truly differentiated in the market.
Now is much more than just a network. We've built utilities to manage fraud, risk, identity, routing, settlement and data enrichment. And in the last year alone, we've processed over 180,000,000 transactions and over $60,000,000,000 through the NOW network and have prevented nearly $1,000,000,000 in fraud. For our clients, the NOW network represents a simple but powerful way to connect and access a broad array of payments capabilities with safety and reliability. Imagine the power behind connecting 100 of millions of consumers and businesses and the intelligent interactions that are possible.
As you have seen now is a ubiquitous scale network, a gateway to and an enabler of real time payments. Now has become the network of networks and powers our digital payments platforms, including 3 market leading solutions I want to highlight next, Zelle, TransferNow and CheckFreeNext. Starting with Zelle, our investment in Now has allowed us to become the number one provider by giving financial institutions and easy turnkey solution. We're excited to see the industry rally around Zelle and we're well positioned to win. Our growth has been tremendous.
In Q3, we implemented Zelle at almost 100 financial institutions and will exceed 500 live this year. That's 3 times more than the rest of the industry combined. We also have hundreds of signed clients in our pipeline and expect to have implemented over 1,000 by the end of 2021. But real time money movement opens the door for real time fraud, which has increased in complexity and speed and requires sophisticated detection, real time decisioning and machine learning. We have the market leading fraud and risk capabilities to deliver a safe experience for our clients and their consumers.
We reduce complexity for our clients by bringing together all the capabilities necessary to participate in the Zelle network. Real time money movement, single point settlement services, fraud and risk tools and end to end user support. As you can see, Zelle continues to grow at an incredible rate and outpace the competition. And we believe we're still in the early innings. By the end of 2020, we estimate Zelle will have processed almost twice the payment volume of Venmo.
This can in part be attributed to the trust and confidence consumers have in their financial institutions. At Fiserv, we've seen triple digit growth over the last 3 years in transactions, funds moved and the number of users sending and receiving money. Ultimately, we expect most of the 2000 Popmoney clients will convert to Zelle and believe the P2P business will be as significant as our bill pay business. It's also important to understand that Zelle is not standing still. It's moving beyond P2P to become a broader payments platform that will fuel growth through the next decade.
We are still early in the adoption curve and believe as Zelle grows, we have a $500,000,000 incremental revenue opportunity. Our second growth example is TransferNow, the industry standard account to account transfer platform. Account transfers is an important payment capability for consumers and small businesses. And in fact, today, 7 of the top 10 financial institutions leverage TransferNow as an integral part of their digital experience. We continue to advance the platform and have made significant enhancements to both mobile and real time capabilities to meet consumer expectations and accelerate usage.
Over the last 3 years, we've seen double digit growth in users, financial institutions and funds moved. And while we have processed over $150,000,000,000 of account to account transactions in the last 12 months, we see significant acceleration in the coming year. Now with the integration work complete, real time transfers are available to financial institutions large and small. As a result of our product enhancements and market momentum, we believe there's $150,000,000 incremental revenue opportunity with TransferNow. Our third example is CheckFreeNext, our next generation bill payment solution leveraging speed and intelligence.
Between our biller business and the acquisition of inlet, we now have access to nearly 60% of all the e bills in the United States and are by far the market leader in bill pay. We have a growing base of almost 29,000,000 consumers using our bill payment solution and they make on average 5 payments a month. And they make on average 5 payments a month. Importantly, about half the consumers make 1 to 3 payments a month. And for this segment, increasing the average number of transactions by 1 is worth over $50,000,000 in annual revenue.
This is a significant growth opportunity for us. And our focus has been on engaging more consumers and making it easier for them to pay all their bills. We have a new mobile first design and are leveraging biller data to engage consumers earlier in the cycle and allow them to set it and forget it. Now let's hear from Peter Gordon, Executive Vice President of Emerging Payments at U. S.
Bank on how he's partnering with Fiserv to transform their bill payment experience.
Payments and money movement are changing at a rapid pace, and consumers today expect everything in an instant, including access to their financial services, institutions instantly with as little friction as And And because of their leadership in payment innovation, their expansive bill pay network and market leading fraud and risk capabilities, we selected Check Free Next to help us build the easiest and best user experience for our customers. Check Free Next simplifies the bill pay by helping users become more self efficient. It offers intelligent suggestions that help automate the setup process for paying bills. Specifically, with Check Free Net's new feature called bill discovery, we can find the bills that our customers owe, present the bills to them, then all have to do is click on the bills they want to add to their pay list. It's that simple.
U. S. Bank is answering consumer demand for a better intuitive digital bill pay experience. We're excited to redefine the digital bill pay experience for our customers and make it easier for them to do business with U. S.
Bank.
As you heard from Peter, together with Fiserv, U. S. Bank is redefining the bill pay experience and wowing their consumers. With CheckFreeNext, we've created a mobile first bill payment experience and brought the biller data to the forefront of it. Features like bill discovery and e bills leverage source data across the entire bill payment value chain.
We've created an ecosystem where it all fits together and allows consumers to easily manage their bills in an intuitive digital experience. With a more intelligent experience, we expect Check Free Next to appeal to younger audiences and promote higher transactions per user. As a result of our next gen bill pay experience and our market presence, we believe there's a $350,000,000 incremental revenue opportunity in front of us. Let me wrap up by saying I'm very excited and optimistic about our future. The market for digital payments is large and growing with strong fundamentals and we see a $1,000,000,000 growth opportunity for Fiserv.
Through the NOW network, we're driving growth in real time and digital payments and Fiserv's innovation, market momentum and scale means we are well positioned to capitalize on these opportunities. And we have the flexibility to adapt to changes in the marketplace. Thank you for your time. And now I'd like to turn this over to my longtime partner, Devin McGranahan. He's an expert in payments, former partner at McKinsey and now Head of Fiserv Global Business Solutions.
Devin?
Thank you, Byron. I greatly appreciate our many years of partnership and ongoing collaboration across payments. Digital Commerce, SMB market presence and global scale are among the key dimensions that drive strong performance and makes Fiserv the market leader in merchant acceptance. Good morning. I'm Devin McGranahan and it's been my privilege to lead Global Business Solutions at Fiserv for the past 16 months.
It has also been a pleasure to play an important leadership role in bringing these 2 great companies together. When I joined Fiserv as a full time employee, a little over 4 years ago, I brought 25 years of experience at McKinsey and Company and over 10 years of working closely with Jeff and the Fiserv leadership team developing the foundational strategies of the overall company. We've applied many of the same principles to the development of the strategy for merchant acceptance, a journey that really began in 2018 when Jeff asked me to help create the company's first enterprise payment strategy. Much of what we will talk about today is the culmination of this work. It is truly been an amazing 2 years.
Today, we will cover the strategic direction, the market segments, the value propositions and the technologies that we believe will enable us to accelerate growth, expand margins and continue to win market share. As I stated earlier, we start from a strong base as the merchant acceptance business is the market leader with strong performance on a number of key dimensions, including digital commerce, SMB market presence and global scale. It is the power of the strong foundation upon which we have built our strategy. A strategy that is about integrating the investments we have made and our existing capabilities with new investments to accelerate innovation and make us the partner of choice to drive more commerce for our clients. Our unmatched scale gives us the stability, the reach and the talent to drive innovation and reduce costs.
Our technology platforms, as you heard from Guy earlier, are state of the art delivery mechanisms for delivering great client experiences and enabling new services as we do every day for the majority of companies in the Fortune 50. We are the only truly global merchant acquirer transacting in over 130 countries. Our in country teams provide merchant processing around the world and give us insights into the trends and ideas that shape payments regardless of where they originate. Finally, over the past 3 years, we've been firmly focused on rolling out new capabilities to enable commerce for clients of all sizes and now have a full suite of products and services that go well beyond core acquiring. Our strategy builds on our strengths and takes us to new heights.
Each of the 6 pillars on this page represents a new dimension of growth. Taken together, these strategies will enable us to deliver incremental growth, take market share and position ourselves for future success as the end to end partner in commerce creation. I intend to take you through each of the 6, so we'll not dwell on them here. But note that our overall aspiration is to enable our clients to accelerate a journey many are already on, using data, information and technology to create a more compelling and rewarding experience for their consumers as the boundaries between the physical and the digital rapidly blur. Before we jump into the strategy, let me address a question that many of you have asked regarding our strong recent relative performance.
We believe our over delivery is the direct result of our broad and diversified base of merchants, including a favorable balance between SMB and enterprise, a broad industry diversity, we are not over indexed on any 1 or 2 sectors and a positive geographic footprint. We have benefited from a strong presence in the South, the Southeast and the Northwest, all experiencing more economic activity than the hard hit Northeast and Midwest. Secondly, we have an excellent digital business that has seen strong double digit gains that far outpaced the flat to slightly down performance of traditional bricks and mortar. And finally, strong execution in the creation and delivery of new value added omni commerce services. The past 9 months have accelerated all the trends of physical digital convergence and the adoption of new interaction models has skyrocketed.
These kinds of accelerated changes have driven merchants to rapidly innovate at the point of sale. Speaking of innovation, a central theme across all six elements of our strategy is the aggressive delivery of new solutions to the marketplace. Our track record is strong. Over the past 12 months, we've either launched or significantly enhanced these 20 capabilities. Today, they are less than 1% of our total revenue.
Yet we believe they will be over $300,000,000 of revenue by 2024 and could reach nearly $1,000,000,000 at full run rate. When Jeff and Frank announced the deal, they committed $500,000,000 over 5 years to drive innovation. Since the close, the Merchant segment has already earmarked over $50,000,000 much of which you'll hear about today. Now I will take you through each of our six strategies. The first three are really about transforming our business into being a digital first omni commerce partner for all merchants.
2020 has been a year of rapid adoption of digital commerce with the market growing more than 30%. Our clients are not different. We believe we are now the largest e commerce business in the world. We get $1,000,000,000 in global revenue. We are a global business with some of the most important digital players in the world relying on us to grow.
We are also a local business with Clover Ecom volume more than doubling since February 1, 2020. Our e com business produces $750,000,000 of these revenues from merchants working directly with Fiserv. We also garnering external recognition for the strength of our capabilities. Forrester recently published its new wave report. In the last 24 months, we have made the greatest strides of any e com provider.
We are now ranked in the top 3. If you've not seen the report, I would encourage you to take a look. While our e com business has done very well, we have seen even greater market demand for true omni commerce solutions, the seamless connecting of the physical and the digital. Given our very strong base of physical POS with over 3,000,000 business locations here in the U. S, our clients both large and small have been asking us to help them accelerate integration across consumer touch points.
They all want the ability to start online, pick up in the store, start in store, check out online, be touchless, be seamless, be the easiest way to interact in a complex and quickly changing world. In response, in 2020, we accelerated the development and the delivery of our order ahead, our curbside pickup, shop and go, scan to pay, true touchless and online EBT, capabilities for both enterprise clients and SMB alike. We continue to innovate at rapid pace, launching new capabilities every month. We believe by 2024 nearly 15% of all retail payments could be omni commerce. There is no other company better positioned or further ahead in turning today's retail transactions into part of an integrative physical digital journey.
In conjunction with connecting the physical and the digital, we've been investing in new capabilities beyond the buy button, a strategy that will drive growth and loyalty for our merchants. This approach leverages our deep integration into the POS, our data and insights about consumers and transactions and our tech driven innovation engine. In 2020, we signed partnerships and or launch capabilities in all four key areas. For example, we partnered with Google to integrate Clover online ordering into Google Maps, enabling Clover merchants menus to be directly accessible from Google Maps. Over the summer, we launched a POS installment payment product, enabling consumers to defer payment over 4 to 6 installments.
Our first client Fanatics is seeing great results. Beyond the buy button further differentiates our solutions in the market and supports our commitment to drive more commerce. Our 3 primary market segments SMB, ISV and Enterprise offer significant market opportunity for us to grow and expand beyond core payment processing. By committing to a platform strategy by segment, each with a strong focus on omni commerce and commerce enabling services, we will be faster to market with innovation, provide better and more integrated client experiences and enable an open ecosystem of value added products. None of this would be possible without the right tech team and the right tech platforms.
Let's roll into the Clover platform and start with a short video.
Clover powers the business of small businesses from restaurants to retailers to service providers. Clover is evolving, expanding market. We are also excited about the progress we made in the past. We are also excited about the progress we made in the past. We are possible before.
Clover's flexible, all in one platform makes it easy to accept any form and any mode of payment. And Clover simplifies the complexities of running a business with its customizable set of apps and solutions. From invoicing to payroll, inventory management and marketing. Get to know what baristas and florists around the block. And shopkeepers and salons around the
As you can see from the video, our future is here today. Clover is a truly omni commerce solution with all of the applications and tools a small business will need to be successful, integrated into a seamless and easy to use platform. A question many have asked is about the additive effects of Clover. To be clear, nearly 90% of all Clover merchants are also new to Fiserv and we've added nearly 100,000 during this difficult time for SMBs. They are also larger, higher value merchants.
They buy more products and services and they have better volume retention rates. Another statistic we pay a lot of attention to is our attach rate for software. We are now at nearly 50% of all new Clover merchants purchasing a software plan from us at the time of activation. In nearly 1 third of our overall Clover merchant base has 1 or more paid apps. This is high quality recurring revenue that we don't see with our non Clover merchants.
Clover's mission is to help small businesses be more successful. We aspire for all Clover merchants to be successful merchants. We do this through the best in class hardware you know, comprehensive business solutions through the open app marketplace, peer to peer and structured learning through Clover Community and Clover Academy and through our rapidly evolving omni commerce capabilities, which I have already discussed. We also do it in person and with a solution mindset. Our nearly 700 person strong field team called business consultants help our merchants tackle complex tasks by getting their menus online, launching gift card programs or creating social media marketing campaigns.
Most small business owners greatly value the advice and support we provide, particularly during this difficult and challenging time. We are continuing to evolve the Clover platform across omni commerce as well as horizontal and vertical services to be more flexible, more open and provide a greater array of products and services, which will indeed drive merchant success. A sample of things to look forward to, generation 3 launches of the Clover Mini and Flex combined with the recent launch of account only, our value proposition for smaller merchants is better than ever. A new offering called Station Solo designed for table service restaurants. We remain deeply committed to the restaurant sector and we'll also be rolling out significant enhancements to our vertical sector solution Clover Dining, a comprehensive terminal fleet management capability for larger multi location merchants delivered through our new CloverLink platform.
Finally, new payment types, including P2P methods at the point of sale and VAS enabled wallets. We continue to see ample opportunity for Clover GPV to grow at best in class rates. With the expansion of value added services and our new product introductions, revenue beyond core payment processing will accelerate, increasing its importance in the overall clover economic story. We've had strong performance within our ISV business again this year. Demand for our solutions has been high and merchant adoption has been strong.
We have added 130 new partners through Q3 of this year, putting us on pace for a record year and over 300 since the beginning of 2019. We've also seen significant growth in merchants processing and thus revenue. Building on our momentum is the launch in Q2 of 2021 of our fully integrated Clover Connect platform, bringing all of our existing capabilities into a single fully integrated solution. We believe the Clover Connect platform will be the only solution of its kind in the marketplace, enabling an ISV to use as much or as little of the Clover ecosystem as relevant while having all the well known card point and co pilot capabilities on one integrated platform. With the Clover Connect platform, we believe we have a large addressable market with significant opportunity to continue excellent growth for the next several years.
We are also making investments in a significantly enhanced developer portal that will accelerate ISV onboarding and increase our ability to serve the smaller end of the developer market. More differentiating though is our pilot to expand beyond being just a merchant partner. With a select group of ISVs, we have launched a program to use our extensive distribution platform to drive more new software clients to them. We want to be a client acquisition engine for select ISV partners. By training our sales force and incentivizing our distribution partners, we are beginning to show how we can drive new software client acquisition and derive incremental software based recurring revenue for this activity.
It's early days, but we are optimistic that this will differentiate us in the marketplace with the best ISVs, accelerating our strong performance and lead to multiples of our existing revenue over the next several years. It gives me great pleasure to introduce our new corporate identity for our global enterprise platform, Carat. Karat is the culmination of the last 3 years of investment, integration and innovation to deliver a true global digital payments platform. With the launch of Carrot, we are pulling all of the products and capabilities we have built into a single focused identity. Our journey began in 2017 with our acquisition of AccuLink and has seen new product and market innovations every year since.
Carrot now gives us a structure and a framework to facilitate investment in this important $1,000,000,000 business. With Carrot, we want our clients to know that they are part of something special and important within Fiserv. While the name Carrot is new, our business and its market leading performance is not. Today we serve 7 of the top 10 corporate brands, 9 of the top 15 QSRs and 7 of the top 10 grocers. All of these market leaders in their respective categories depend on Carrot to help them power the business.
In response to the pandemic, we have launched many new omni commerce customer experiences. But what really stands out is that they are fully integrated into our enterprise clients' core applications, taking out the complexity and accelerating speed to market. Combined with our beyond the buy button offerings, Carrot is more than just payment processing. It is enabling our clients to create more commerce. I'm also pleased to announce the creation and launch of the Carrot Commerce Hub.
The Carrot Commerce Hub is an integration and orchestration layer combined with a modern developer portal and a global follow the sun sales and service organization. The Commerce Hub will enable all of Fiserv's existing capabilities, multi party acquiring and an open ecosystem of third party applications through a single global point of integration. We aspire to significantly reduce the complexity that many of our clients deal with when building and managing a multi party omni commerce solution globally. Given our core strength as the leading global acquirer, many of our best clients have been asking us to become the integrator and not just the processor. With the launch of the Commerce Hub, we will extend our lead on omni commerce and continue to drive strong growth.
I will now switch from the more strategic to the more execution oriented elements of our strategy and cover pillars 4, 5 and 6. As Frank highlighted earlier, we believe best execution is a critical element of any strategy. We remain focused on maintaining our leadership in core payment processing and continue to drive innovations that will improve our clients outcomes. Over the past 12 months, we've launched over 10 new products or enhancements in this area. A few notable examples include Fraud Detect 2.0.
We launched our next gen fraud management product in April and have successfully migrated all existing clients, including some of the top fast food and petro market leaders in the country. We and our clients are seeing significantly increased performance from the new solution. A second is authorization optimization. We've built a new next generation AI based decision engine that will significantly improve our ability to optimize retries and improve overall success rates. We have embedded into this decision engine insights from our vast transactional history along with individual issuer specific criteria.
The breadth and depth of our distribution network is a major strength. Our broad multi channel footprint, including our bank JVs has given us an advantage book across geographies, merchant categories and merchant sizes. We benefit from the power of our partners and our partners brands to attract and retain the highest quality merchants. We also continue to invest heavily in this distribution advantage. Highlights from 2020 include adding over 200 new FI partners, many of whom are Fiserv core clients as Todd discussed earlier.
Continuing to build our bank JV capabilities and partnerships to enhance growth in this important channel, Signing important non FI partners with significant SMB customer acquisition engines, including Deluxe, Verizon and Paychex. Signing over 300 new agents, ISOs and ISV partners, successfully launching Clover Business Solutions, our rapidly growing direct to SMB merchant channel. This is a channel that will power significant future growth. Completing the dissolution of the BAM's JV, adding over 4,000 middle market and enterprise merchants to our direct book, creating a large new opportunity for cross sales. You can expect us to continue to grow our reach and invest in the capabilities
that will drive
increased productivity of each of our go to market approaches and remain the partner of choice. Finally, I want to bring us to a close with the power of the new Fiserv, the power of integration, integrating across the businesses, data and technology platforms within our company, but also the power of integrating with and among our clients, partners and consumers. Most of the ideas on this page are not yet fully commercialized, but are elements of the future innovations we will be discussing when we are together next. In addition to the connected commerce ecosystem example you saw earlier, let me call out debit network and card issuance. Working with a select group of our valued issuer partners, we aim to close the loop between them and our merchant clients.
This project will increase authorization rates, reduce risk and lower end to end costs, together creating more commerce. In summary, we intend to accelerate growth, expand share and grow adjusted operating margin. We will deliver on each of the 6 pillars in our strategy by leading the market in digital and omni commerce, rapidly expanding beyond the buy button capabilities, continuing to invest in our 3 next gen segment based platforms Clover, Clover Connect and Karat, delivering ongoing improvements in core payment outcomes, growing our global market presence with world class partners and directly under the Fiserv brand and by capturing the integration benefits of the new Fiserv. Frank talked earlier about our partner based approach. One example of that approach in action is the way we drive merchant acceptance on an integrated global basis.
We combine technology leadership with targeted, client focused and innovative solutions, and we deliver them locally by partnering with what I believe is the best international team in the business, where it counts most, in the client's office. And now, here's Frank to introduce our international team.
Fiserv's 3 international regions deliver over $2,000,000,000 of revenue and grew 18% in 2019. We run the company globally and deliver it locally. Innovation is occurring at every corner of the globe. I'm pleased to introduce the final segment of our business sessions with the overviews and spotlights on growth opportunities from each of our 3 talented regional leaders: John Gibbons, who runs EMEA Ivo Dusselbrink, who runs Asia Pacific and Gustavo Marin, who runs Latin America. We'll start with John coming to you from London.
Thank you, Frank. Fiserv is winning in the EMEA market, investing in innovation and growing with client driven strategies. Hello from London. I'm John Gibbons. I joined Fiserv 2 years ago after leading payments businesses at global banks, including JPMorgan, ABN AMRO and Deutsche Bank.
I have lived and worked across EMEA for almost 2 decades. I am thrilled to be leading Fiserv in this region. Thanks for joining me today to learn about the success we've already had, the investments we continue to make and the exciting growth plans that will take this business to the next level. Here in EMEA, we have 3 businesses, the largest of which is Merchant acceptance, where we are a top 3 provider. We have 2 other significant businesses that serve financial institutions, Payments and Network and FinTech.
In both of these, we are working with the largest banks across the region. We have a diverse business mix and strong market position with exciting opportunities to drive growth through innovation and cross sell. Issuer processing, which is the largest part of our payments business, runs on our Vision Plus platform. We are growing at a remarkable 4 times the market for cards on file, and big names continue to choose Fiserv to be their partner. In 2020, we entered 10 new countries, and we are now working on 4 more for 2021.
The last time we entered a new market was in 2017. So this expansion is really exciting and provides great opportunities to win new clients. Andrew has already spoken to you about the international growth potential for our Issuer business. So today, I want to cast a bright spotlight on the significant opportunities for our merchant acceptance business in Europe. Europe is an attractive market for Fiserv for 2 main reasons.
Number 1, the market is enormous. And within it, we have $16,000,000,000 in annual revenue opportunity to target. And number 2, there are a large number of smaller competitors in the region, and we believe the market is going to consolidate. Today, I am going to show you why we are uniquely positioned to take advantage of this market opportunity. And as you can see, we are already succeeding in the region, growing at double the market average and beating our competitors in the top 3 by wide margins.
We are achieving this based on our strategy to make it easy for merchants of all sizes to sell across Europe online and in store. We have identified 3 strategies to drive continued growth. Each one addresses a different client segment that will contribute to our success. Our first growth strategy is move beyond payments for SMBs. As you heard earlier from Devin, Clover is the best point of sale offer in the United States.
This is also true in Europe. Merchants love that Clover goes beyond payment acceptance and brings them software and an application ecosystem that helps them manage, finance and grow their business more easily. In our region, we made the decision to launch Clover and then add features over time. We are pleased with our achievements so far. In the past year alone, we rolled out Clover in the Netherlands in April, the first device of this kind in the market, and in June, introduced Clover online ordering in the U.
K. And Ireland. And given that this helps merchants sell online, it has been hugely important during the COVID crisis. Our ongoing investment in Clover includes expanding our industry specific solutions, adding new tools to help our clients manage their business and launching Clover Connect to complement our existing service for ISVs. As you can see from our success, including the 43% year on year purchase volume growth, the adoption of Clover from our clients and software developers has been enthusiastic.
We believe that as we introduce more features on Clover, we can achieve 3 important things. Number 1, increase our new merchant win rate. Number 2, add new revenue streams. And number 3, accelerate our margin expansion. Our second growth strategy is connect Europe for enterprise clients.
We know our clients. They want to sell wherever their customers want to buy, in store, online, in kiosks or in app. They don't want to be limited by borders or currencies, and they want it all to be easy to integrate and operate. Our Connect Europe strategy takes care of all these demands. We have been investing in this strategy for the last several years, including launching payment solutions that operate across the region and in multiple currencies, developing new industry specific plug ins, a developer portal to our always on APIs and a toolkit to make it easy to integrate with our services.
And as you can see, the market recognizes our investments as we continue to win more and more clients each year. We are on track to win nearly 3 times as many new clients in 2020 than we did in 2018. And in the past year, we have already won market leading names such as Accor, Europe's number one hospitality provider Selecta, Europe's number one vending supplier and MediaMarkt, Europe's number one consumer electronics retailer. With 73 new prospects in our pipeline, the client demand for our solution is great. Our third growth strategy is power merchant solutions for FIs.
FIs across the region want to grow their fee based revenues And in the face of fierce competition from traditional and new competitors, they need to protect and grow their merchant relationships. We have built a great new answer to these challenges. It's called acquiring as a service, Aquis. Simply put, Aquis is our full suite of merchant capabilities made available to FI partners. FIs love Aquis because it's fast, it's cost effective, it's flexible and it's world class.
It's fast because clients can use our pre built solutions to launch or modernize their Merchant Acceptance business. It's cost effective because clients can use our solutions without having to invest in their own. It's flexible because clients can pick and choose some or all of the capabilities that they need. It's world class because FIs can offer their clients all the technology and know how that comes from choosing Fiserv as their partner, the world's number one merchant acquirer. This explains why market demand for Aquis is so strong.
We are already live with one client who reentered the market with us as their new partner in 2019. 2 more have signed on and 13 prospects are in active discussions with us. I told you why FIs love Aquis. Let me tell you why we love it. We deepen our FI partnerships, we expand our margins by leveraging the investments we've already made and we have greater than $150,000,000 of revenue opportunity, which comes from getting access to new countries and new merchants.
As I close this out, I want to go back to talking about all of our businesses. We have a winning track record and we are thriving at scale because we have made the right investments. Our investments are paying off. We are growing at multiples of the market in our 2 largest businesses. And in our largest business, Merchant Acceptance, we are also growing faster than our top 3 peer group.
But we are not done. We know this region, we know our clients. With that knowledge, we have exciting plans and strategies that we believe will deliver 8% to 10% internal revenue growth in the medium term, along with adjusted operating margin expansion and deliver results for our clients. Focusing on what our clients need is our North Star. When our clients win, we win.
I now want to turn this over to my colleague, Ivo Distelbrink, Head of Asia Pacific.
Thank you, John. Driving sustained growth, differentiating with innovative solutions and delivering unique client value is our primary focus in Asia Pacific. I am Ivo Distelbrink, and I'm proud to lead the Asia Pacific region for Fiserv, building on my 20 years of executive leadership experience in the region, both in banking and financial technology. I'm honored to be with you today and excited to share with you our growth journey, our opportunities and our road map for accelerated growth in the future. The APAC region is an incredibly diverse dynamic region.
Across our markets, we see debit and real time payments taking over from credit and growth in bank transfers and digital wallets far outpacing card growth. We've worked hard to position the company for these trends, and we are doing well, delivering strong growth across merchant acquiring, issuer processing and digital banking. The APAC region reprints a great long term growth opportunity for Fiserv. Consumers across markets continue to accelerate the adoption of digital payments, and banks continue to heavily invest in digital first business model. Our APAC book of business is well balanced against this opportunity, with our merchant acceptance and payments and fintech businesses each contributing about 50% of revenues and no single market contributing more than 30% of our business.
Like other parts of the world, COVID-nineteen hit the region hard. The severe impact of the pandemic notwithstanding, our APAC business performed strongly throughout 20 and we believe that with our continued investments, we are well positioned for sustainable mid- to high teens internal revenue growth. Our payments business is built around market leadership in unsecured loan processing, where we continue to invest in our proven Vision plus platform. Today, we run 3 multi client, multi product issuer processing hubs in the region, Australia, China and India. Our brand new Australia processing hub launched just this quarter, with Virgin Money Australia introducing a platinum debit card with the full digital experience for their cardholders.
Our China hub this year took live ZA Bank. ZA Bank is Hong Kong's first virtual bank, and it is rapidly becoming one of the fastest growing banks in Hong Kong. We continue to expand our regional acquiring footprint, both through new principal scheme memberships and by opening up new e commerce corridors. We opened new corridors into the Philippines and China last year and most recently, Japan. Importantly, today, our business runs on a single platform across all of our markets.
This allows us to offer a common set of omnichannel solutions and creates a unified multi currency experience for our clients. Let me take the next few minutes to spotlight 2 important areas of growth: our regional payments and Fin Tech business and our overall India franchise. Momentum in our payments and Fin Tech business is built around integrated propositions, leveraging our processing hubs and our private secure cloud infrastructure to deliver fully digital service propositions. Our processing infrastructure covers multiple markets in region, addressing in country data residency requirements with robust, secure and reliable local processing. Our core as a service Visen plus platform offers fully PCI compliant, native APIs based processing.
Its digital first servicing layer is fully supported by microservices and fully extensible through cloud SDK to support the delivery of new functionality, allowing our clients to expedite their own digital strategies. Recent examples include hosting an ASP digital banking solution for a large credit union in Australia delivering a regulatory compliant AML screening solution offered as a hosted ASP service in Korea. Our focus in digital is to increasingly enable a full 360 degree digital experience that our clients can deliver to their customers and to their institutional partners. In payments, we're committed to delivering comprehensive payment capabilities through a single, secure, tokenized approach that aligns with open banking mandates emerging in the region. And in account processing, we're focused on building out market leading capabilities that address both consumer and commercial banking needs, delivering market compliant products that our clients can offer in a secure, frictionless and regulatory compliant manner.
Overall, our payments and fintech business continues to deliver robust growth based on strong sales momentum, which we expect to continue as we size the current market opportunity in the region to be in excess of $5,000,000,000 Key to our sales momentum is our focus on enabling our clients to win with their digital strategies. A good example is our relationship with DBS Bank, Southeast Asia's largest bank by asset. DBS Bank's flagship digital product, Payla, is underpinned by our Vision plus platform and supported by a dedicated Fiserv team. Another good example is our relationship with ANZ Bank in Australia. ANZ's award winning mobile banking app is built on our mobility solution and is also supported by a dedicated Fiserv development team.
Our client base and account processing includes leading domestic retail banks like Penang Bank in Indonesia, BDO in the Philippines and Vietcong Bank in Vietnam, which went live on Fiserv's signature core banking platform at the start of this year. With 22,000,000 accounts, this represents our largest signature implementation globally and contributed to Vietcong Bank being awarded Best Retail Bank in Vietnam. And let's now switch gears to our 2nd spotlight, our India franchise. India is our largest and fastest growing market in the region. We are the number one credit card issuer processor in the country, handling 7 of the 12 largest banks in India.
And we are a top 3 merchant acquirer through IMS, our 81% controlled joint venture with ICICI Bank, which gives us access to over 4,000 bank branches. IMS has double digit market share in acquiring, both in e commerce and at the point of sale, powering over 400,000 merchants. Earlier this year, we renewed this joint venture for another 7 years. Our JV processes exclusively on Fiserv platforms and fully relies on Fiserv for innovation, products and back office support. Our India growth has been impressive, and we expect many more years of significant growth ahead of us as we continue to invest in and grow with a market opportunity already sized at $2,000,000,000 Today, just 10% of Indian merchants accept digital payments, with over 80% of consumer payments still being made in cash.
Importantly, India will grow not just with card payments and terminals, but equally and more with digital and mobile payments. A proactive policy effort supporting the universal adoption of digital payments and best in class real time payments infrastructure will result in exponential growth in digital payments in India for years to come. To fully capture the enormous India growth opportunity in front of us, our focus is a combination of continuing to bring innovation to market whilst further strengthening our distribution channels in the country. Our market leading India digital stack keeps Fiserv at the forefront of payment innovation in the country. Recently introduced new capabilities at the point of sale include debit installment payments, micro ATM cash services and bill payment services.
Our digital commerce offering helps retail e commerce merchants integrate within days to 100% configurable hosted pages and mobile SDKs. And in payments and fintech, with our leadership in credit processing, we are now intensely focused on investing in adjacencies, including debit and loan processing, enterprise risk management solutions and operational services. The size and scale of our business in India positions Fiserv uniquely to support the largest, most complex clients in the country, resulting in a steady stream of very significant enterprise mandates. IOCL, for example, India's largest state owned oil company, recently chose Fiserv as its primary acquiring partner to enable its digital transformation strategy across 30,000 fuel stations in the country. We are truly excited about the opportunity to continue to lead with innovative digital transformation programs in one of the fastest growing payments markets in the world.
Let me conclude by recapping why we are incredibly bullish on the APAC growth opportunity, expecting sustainable animal internal revenue growth in the mid teens. We're well positioned as we are embedded in the right countries with unique local processing We have strong momentum with positive operating leverage. COVID-nineteen notwithstanding, we have continued to deliver adjusted operating margin expansion in 2020. And finally, we're winning in the client's office, and our clients are winning in their respective markets. Today's Fiserv offers a unique unmet set of products, enabling our clients to win across the region and enabling Fiserv to continue to gain share.
And now to Gustavo Marin, Head of our Latin America region.
Good afternoon, ladies and gentlemen. I am Gustavo Marin. I'm proud to lead Latin America for Faiza. My background includes nearly 40 years of experience in financial services, including CEO of Citibank Brazil and Latin America South, as well as Corporate and Investment Bank Head for the region. Over the last 5 years, I've had the distinct privilege of leading Fiserv in Latin America, tripling the size of our business in the process.
I'm honored to be with you today and excited to share with you our optimism conviction for continuing strong growth in the region. We've had a fantastic journey in the last 4 years, as you can see from the CAGRs shown in this slide, 31%, 44%, 17%, 32% community annual growth rate. As I said before, our business has more than tripled during this period, and we have built an unmatched regional footprint anchoring solid franchises in Argentina, Brazil, Mexico, Colombia, Uruguay, Central America and the Caribbean. No other company can match our regional coverage, depth of relationships and product suite. Several businesses contributed to this performance, but I will highlight 2, merchant acquired in Argentina and Brazil.
Let's begin with Argentina, where the end of acquiring exclusivity has created a significant growth opportunity that we have been successfully pursuing. We were decisive actors in supporting the transformation of the local payment industry, educating the merchant community, regulators and public opinion on the benefits of open competition. Changing the status quo after more than 30 years required a full strategy and disciplined execution on all fronts. We start preparing for the shift early, ready in our systems, our network and our people to bring choice and innovation to every merchant in the country. So when the end of acquiring exclusivities finally arrived in January 2019, we were ready to hit the ground running.
The results speak for themselves. In December 2018, our market share in the acquiring business was 19%. 2 years later, we are well positioned to see this number more than double to 48%. Turning to merchant acquiring in Brazil. We launched a greenfield operation in 2015 and since then our volumes, customers and revenues skyrocketed.
In 2020, the strength of our alliances with cooperative banks and their broad coverage of the interior of the country added to the resilience of our business during COVID-nineteen. As an example, in October, our transactions grew 8% versus October last year. And we are continuing to enhance our capabilities. The differentiator in our value proposition provided by the technology platform brought by Software Express, a key acquisition in 2018, has started to make a difference, a big one. We have also developed a fast growing and profitable business advancing payments to merchants in both Argentina and Brazil, turning Fiserv into a relevant source of funding for our merchant customer base.
As you can see, we have a great track record of growth in the region. Now, let me share with you why I strongly believe that our momentum in Latin America will continue. And this will happen in spite of and in some ways because of COVID-nineteen. 3 pillars underpin our framework: the unstoppable migration from cash to electronic payments in Latin America the expansion of our payment issuing business, supporting the trend to increase financial inclusion and the acquisition of Software Express and its impact on our merchant acquiring and payment switching business. Our first growth pillar is the continuous migration to electronic payments in the region.
In Latin America, cash is still dominant. We estimate that less than 30% of private consumption uses electronic payments, a much lower penetration in the more developed markets. Explosive growth in financial inclusion and in the conversion of cash to digital payments is being driven in the region by increasing consumer All of these are long term drivers of change and we expect to benefit from this tailwind for years to come. Our second pillar of growth is payment solutions. Our unmatched first vision platform for debit, credit and prepaid products is the ideal tool to power the financial inclusion phenomenon taking place in the region.
We have plenty of room to grow in terms of geographies and new players Argentina, where Visa issuer processing was exclusive to 1 company for 3 decades, Pfizer will now be able to compete for that business, tripling our potential mark. In Brazil, nearly half of the Brazilian credit market use our Vision plus license software and we are working to replicate in Brazil the success we have had elsewhere with our payment as a service model. Debit and prepaid portfolios will be ready to board in early 2021, quickly followed by credit cards and loans. The 3rd pillar of growth will be the continued strength of our merchant acquiring business, which is now turbocharged by Software Express platform and technology. In Brazil, Software Express is the leading provider of technology payment solutions to merchants for card present and card not press.
It is a hub that connects the ISV community with thousands of merchants, all acquirers and all card schemes. This centrality means that 30% of all Brazilian electronic payments flow through our rails, making us a leader in the market. The beauty of this is that we can replicate it in other key markets. We launched the Software Express platform this past November in Argentina and plan to go live with it in Mexico in Q2 next year. The combination of Software Express with our merchant acquiring footprint is our omni channel payment gateway, our 3rd pillar of growth.
This is the Latin American version of what my friend Devin presented. It will not only serve domestic and regional clients, but also global enterprise clients that will have seamless and transparent access to all Latin American markets through Caret. Some of the benefits to our clients are single access point to multiple regional markets in a multi acquired model, specialized platform for reconciliation, fraud detection, analytics and merchant reporting and access to all commerce sales channels and multiple payment methods. Our payment gateway is scheduled to go live in Brazil in Q2, twenty twenty one and Argentina and Mexico in the second half of twenty twenty one. No other company can offer this type of comprehensive value proposition in Latin America.
You've heard my colleagues talk about the critical importance of innovation to Faiza. Our extensive footprint and innovative DNA presents us with unique opportunities in Latin America not accessible to other competitors. 2 examples for you. 1st, PIX, the Brazilian Central Bank instant payment scheme that has just gone live. The system will enable instant financial transfer between individuals and merchants, P2P and P2M.
We look at this payment method to identify what role we could play and found it in the P2M space. Leveraging Software Express rails, we will provide confirmation to the merchant that he has received payment in his chosen account. What is the size of the opportunity? 1st, cash payments and debit transactions will move to this payment method as adherence grows. Just in debit, Brazil has more than 10,000,000,000 transactions a year, a great new market for us.
Early movers, disruptors and innovators like OXXO, Tuja, Banco Inter, Prax and Bank have chosen Fiserv and First Vision as a technology department to transform the payment industry in the region. Why? Very simple. We have a better value proposition. We are more flexible customizing solutions.
We are faster and we are the only true regional player in Latin America. No other company matches our knowledge of the region. While Sam see demand for rapid change as a burden, Fiserv embraces and brings this change to life. In only a few years, we have built a leader in the region, and I strongly believe that these pillars of growth will contribute to our outstanding performance going forward. We have a unique value proposition in our most important lines of business that will power market share gains and unlock new opportunities in terms of market and segments.
And as the market evolves, we are taking the right steps to evolve with it. We have expanded our reach organically and with smart acquisitions and have become the partner of choice for the innovators and disruptors that are shaping with us the payment industry of the reach. Thank you for your time today. And now I will turn back to our Chief Financial Officer, Bob Howe.
Thank you, Gustavo. We are in the home stretch, and I hope you enjoy the presentations from our regional business leaders. What an incredibly exciting time to be part of the Fiserv leadership team and I'm looking forward to spending the next 15 minutes or so linking everything you heard before me today to the long term shareholder value we are creating at Fiserv. Hello. My name is Bob Howe, and I've been the CFO at Fiserv for nearly 5 years now, and I've been a public company CFO for 11 years.
Today, I will walk you through our business and financial model, provide a bit of color around our expected performance in terms of internal revenue growth, adjusted operating margin improvement, including revenue and cost synergies, free cash flow and our capital deployment strategy. I will wrap up with preliminary outlook for 2021 as well as provide you with our outlook for the medium term. I'm confident that by the end of my presentation today, you will be as excited as we are about the tremendous economic value opportunity ahead. As you may know, we have a very strong business model that has proven itself time and again through good economic periods and deep recessions, delivering 34 consecutive years of double digit adjusted earnings per share growth. That model can be boiled down to developing mission critical solutions that deliver high quality recurring revenue, consistently expanding adjusted operating margins and generating very strong free cash flow.
A strong business model coupled with a disciplined capital allocation strategy with share repurchase as the primary benchmark, has and will continue to deliver superior shareholder value. This model became even stronger with the merger with First Data. Since the announcement of our transformative combination, a common question from investors was how the newly combined company would perform in an economic downturn. We answered by saying we fully expected we would prove to be quite resilient. Little did I know how quickly we would have the opportunity to prove that.
I don't think many of you would have believed me if I had said expected 2020 to be one of the worst economic downturns in recent history, but it was. And yet, we expect to produce roughly flat internal revenue, expand adjusted operating margin and grow adjusted earnings per share by at least 11%. Additionally, by the end of this year, we expect to have deployed capital in a manner that will pay down $1,500,000,000 of debt and repurchase $1,400,000,000 of shares. Importantly, we did this while continuing to deliver for our clients, invest for the future and strengthen our business. Now before I dive deeper into the financial model, let me walk you through our 3 reportable segments and provide a little color about each.
On the left side of this page, you see our Merchant Acceptance segment, which generates about 40% of the total company's adjusted revenue from a diversified portfolio of clients of all sizes around the globe. Approximately 65% of this revenue is direct SMB merchants. We reach these merchants through our partners and our own direct sales force. Additionally, just under 25% of this revenue is through our high growth international regions. Now moving to the center of the page, our Financial Technology segment represents about 20% of total company adjusted revenue.
As you heard from Todd today, FinTech serves a wide range of FI's core account processing needs as well as digital banking solutions, which of course are becoming increasingly important. A broad range of payment solutions such as card processing, biller and electronic bill payment are included in our 3rd segment, Payments and Network Solutions, which represents the remaining 40% of total company adjusted revenue. You heard about many of these products and solutions today from Himanshu, Andrew and Byron, with each business representing roughly a third of segment revenue. We have over $11,000,000,000 of revenue in the right parts of the payment ecosystem and the remaining $3,000,000,000 is at the center that brings much of the ecosystem together. As a footnote to reported revenue, we also have ownership and important relationships with several entities, including our merchant JVs with Wells Fargo, P&C and Lloyd's, among others.
Additionally, we have several businesses such as Defy Solutions, which provides loan origination and servicing technology, Integra 118 that delivers asset management technology. Although these results are below the operating income line, they remain important parts of our value creation algorithm. I'd like to pivot to discuss synergy execution. I couldn't be more excited about all the opportunities that have and continue to materialize with $190,000,000 in annual revenue synergies already actioned. You likely won't be surprised to hear our internal forecast is meaningfully higher than $600,000,000 by 2024, which is important as not all initiatives will come to fruition at the level or timing anticipated.
We have nearly 70 different synergy work streams beyond the roughly 20 categories you see here. The powerful solutions we are bringing to market will not only position us to achieve our 5 year synergy goal, more importantly, it should enhance our ability to deliver accelerated revenue growth over the next decade. Many of the solutions are coming from a globally scaled businesses, which means that they add to our revenue growth at very attractive operating margins. Back when we announced the merger, we indicated that we expected to see revenue synergy start strong, level off a bit in the middle of the 5 year period and then accelerate again similar to a barbell pattern as synergy sales and implementations took place. We still expect that ramping pattern even though we are clearly out of the gate stronger than originally expected despite operating through a global pandemic.
All things considered, we feel great about delivering more than $600,000,000 in 5 years and additional opportunity beyond. Shifting to cost. Earlier you heard Frank discuss the acceleration of cost synergies. When we announced our merger, we targeted $900,000,000 of cost savings from the combination over 5 years. Then in March, we increased that to $1,200,000,000 over the same period.
Given the incredibly strong progress we've made over the last 9 months, we now expect to complete our cost actions about 2 years sooner than originally anticipated. Additionally, that $1,200,000,000 is nearly double our original expectation for 2022. As a reminder, this does not include the nearly $290,000,000 of interest savings we have already delivered to the bottom line, bringing the grand total to nearly $1,500,000,000 Although we expect to be complete with cost synergy productivity and operational effectiveness. The outperformance relative to our original expectations in large part came from a few areas, including our global shared services capability in our technology centers in India. We accelerated and increased savings from our efforts to convert prior contractors to Fiserv employees, lowering our costs and increasing productivity.
We also had significant benefit from streamlining our vendor count and consolidating purchasing activity. Both original companies bring a solid history of executing efficiency and effectiveness programs, and I fully expect that to continue. As integration nears completion, we will see OE ramp up with tremendous opportunity for continued productivity, margin improvement and reinvestment of cost savings back into innovation for our clients. This is one of the ways value creation is at the intersection of innovation and best execution, as you heard Frank talk about earlier today. Notable areas of opportunity are continuing areas of synergy success where we believe there is more value such as further building out our shared services capability and working with our vendors.
Additionally, we see opportunity for further improvements in our technology infrastructure with more movement to the cloud and accelerating the use of advanced technologies such as RPA, artificial intelligence and machine learning to improve our product offerings and our internal processes. Today, we already have early line of sight to more than $200,000,000 of annual cost savings post synergy. You can see on this slide the combination of internal revenue growth, synergies and ongoing productivity is expected to power continued adjusted operating margin expansion of at least 2 50 basis points next year and more than 480 basis points over the 4 year period. As operational effectiveness efforts kick in, combined with the scale advantage of our business, we see continued opportunity to expand adjusted operating margins well beyond 2021. On the adjusted EPS side, despite some revenue pressure from increased COVID related stay at home orders, we remain confident in our adjusted earnings per share guidance of at least 11% growth.
This outlook does not contemplate a further weakening in the current economic environment for the remainder of this year. As you heard Frank lay out earlier, our preliminary expectations for adjusted EPS growth in 2021 is 20% to 25%. Achieving the midpoint of this range would lead to a 16% 3 year CAGR despite one of the deepest economic downturns in recent history. One of the hallmarks of Fiserv is very strong free cash flow. By the end of this year, we should have generated nearly $10,000,000,000 over the past 3 years and expect approximately $4,000,000,000 in 2021.
One of the key elements of our performance has been the ability to produce free cash flow well in excess of operating earnings for many years, most recently averaging 108%. This performance is driven by a combination of strong underlying working capital performance and strong operating performance. An additional benefit of the First Data transaction was to accelerate usage of the net operating loss carry forwards, which in and of itself added 10 full percentage points to our conversion rate in the last couple of years. We anticipate that NOL to be fully utilized early in 2021. As we look forward, we believe the strong expected operational performance will lead to continued growth in free cash flow.
Through the power of our business model, we anticipate generating approximately $25,000,000,000 of cumulative free cash flow over the next 5 years. Now let's look at leverage and the opportunity to deploy even more capital over that time period. When we announced our merger with First Data, we indicated that our path to do just that through a combination of modest debt pay down and substantial growth in adjusted EBITDA. Looking beyond 2021, we expect continued growth in adjusted EBITDA such that if we were to hold our debt constant at year end 2021 level, our leverage ratio would decline significantly as indicated by the solid line on the page. Given our current expectation for strong growth in adjusted EBITDA, we expect to create in excess of $5,000,000,000 of additional debt capacity if we simply maintain our leverage ratio constant at 2.8 times.
The combination of expected approximately $25,000,000,000 of free cash flow over the next 5 years and the more than $5,000,000,000 of additional debt capacity gives us more than $30,000,000,000 of capital available to allocate with a focus on building value for
our shareholders. As a point
of reference, dollars 30,000,000,000 represents about 40% of the current market cap of the company. That $30,000,000,000 would flow through our long standing capital allocation strategy of investing for future through additional organic investment, value added acquisitions, maintaining optimal leverage and of course returning cash to shareholders. Our benchmark for capital deployment has been and remains share repurchase. A good proxy for viewing how we execute that strategy is to review the 3 years prior to the First Data merger announcement. During that time, we allocated 154% of free cash flow with 119% to share repurchase and 35% to value accretive M and A.
Importantly, we did this while maintaining our leverage ratio comfortably below 3 times. While the breadth of our products and services are unmatched in the industry, we will continue to evaluate strategic M and A opportunities to add to our portfolio to increase the value we deliver to our clients. Those opportunities are likely small to midsize bolt on type solutions that fit nicely into our existing businesses. In fact, over the past several years excluding the merger of First Data of course, it's exactly what both original companies did very successfully. Authorized for repurchase.
Given our long standing capital deployment focus, we expect very significant amounts of that $30,000,000,000 to be used for share repurchase, including the opportunity to participate in any stock sales by KKR. So let me bring you back to the preliminary 2021 outlook that Frank shared with you during his opening remarks. We expect 2021 to be a year of economic recovery from the COVID impacted economy this year, which will produce strong growth rates off of what has been a difficult 2020. We anticipate internal revenue growth of 7% to 12%, adjusted earnings per share growth of 20% to 25%, driven by adjusted operating margin that expands at least 2 50 basis points. And we expect at least 108% conversion on free cash flow.
It is important to note that this preliminary outlook assumes no significant extension of COVID or other circumstances that creates significant economic duress deep into 2021. Of course, we will provide our official guidance on our Q4 earnings call in February. For our medium term outlook, as we approach a more steady state economic environment and the strength of revenue synergies and the innovation you heard about from our business leaders, we expect to deliver 7% to 9% internal revenue growth. The combination of internal revenue growth, adjusted operating margin expansion and capital deployment is expected to lead to 15% to 20% adjusted EPS growth. Finally, as the NOLs will be fully expired next year, we expect continued strong free cash flow conversion of at least 105%.
Let me provide a bit more color for our medium term internal revenue growth by segment. Our Merchant Acceptance segment outlook is 9% to 12% growth. Some of the key drivers you heard about today, including ISV expansion, Clover value added services and growth in our omni channel activity, combined with the benefit of our bank merchant synergy program is expected to enable us to continue to outgrow the market and drive strong revenue growth. Our FinTech segment is expected to grow 4% to 6%, driven by continued strength in the $1,000,000,000 to $50,000,000,000 asset space, synergies in our international regions, enhanced digital bank offerings and the expectation that we will lap significant periodic revenue pressure we saw in 2020 and expect to see further diminish in 2021. Finally, in our Payments and Networks segment, we expect 5% to 8% internal revenue growth.
There are a variety of growth drivers in this segment ranging from the ramping of large credit deals signed this year that should start going live late next year, significant revenue synergy opportunities, including network and the continued growth of digital payments and real time money movement. Overall, these three growth rates lead to a significant increase in our steady state growth to 7% to 9% from the 6% in 2019. Although there is plenty of uncertainty in the world today, we showed the resilience of this business with our performance in 2020 and I feel great about our ability to accelerate our internal revenue growth rate and deliver 15% to 20% adjusted EPS growth annually over the medium term. Today, we shared with you our expectations for the well executed integration of First Data and Fiserv, which you can see should also deliver greater value through increased and accelerated revenue and expense synergies. Our commitment to our clients, continued new products and innovation, combined with the operational excellence leads to long term growth potential.
Importantly, the strength and resilience of this business has led and is expected to continue to lead to strong free cash flow. Combining this with a flexible balance sheet, we anticipate having more than $30,000,000,000 to deploy over the next 5 years, which itself should lead to significant shareholder value. I'm incredibly excited about our future and our continued ability to deliver for our clients and our shareholders. With that, let me turn it back over to Frank.
Great job, Bob. We are looking forward to building a whole bunch of value with that $30,000,000,000 Our goal today has been to provide you with a greater understanding of your company. In many ways, we are the same Fiserv you have come to depend on: high quality recurring revenue, strong growth in adjusted operating margin and adjusted earnings per share, significant free cash flow and a promise to allocate that capital to build value for shareholders primarily through share repurchase and value accretive acquisition. Today's Fiserv is stronger and even better positioned than either of us were on our own. We are executing well and have delivered strong results, outperforming our peers since close.
And as seen in our outlook, expect very strong financial performance, 7% to 9% internal revenue growth, 15% to 20% adjusted earnings per share growth and more than $13,000,000,000 of free cash flow over the next 3 years alone. Earlier in the day, I shared the 4 pillars of our business ecosystem: merchant, integrated banking, card and digital payments. These business lines are positioned to accelerate growth within and across the pillars while taking market share. The combination of business breadth, geographic diversity and technology prowess gives us confidence for the future. And that gets us to our 6 priorities.
This is where I and the senior leadership team, including the talented leaders you heard from today, are focused on driving consistently strong outcomes. We know it starts and ends with the client, which is why it tops the list. We will deliver service excellence and innovation to provide high quality integrated solutions for all clients, from SMBs to the largest institutions in the world. And we will hold ourselves accountable to being the best service provider in the industry as evidenced by client satisfaction scores. We will innovate at every turn.
Our focus is to drive better outcomes for clients. You saw a number of examples of the breadth of client focused innovations we are delivering across our business. And innovation will also be key to driving productivity to enhance long term margin performance and free up investment capital. You heard Bob mention that we have already identified several $100,000,000 of operational savings beyond synergies, and we have just gotten started. I assure you there is much more ahead.
Early in our discussions, Jeff was consistent about the opportunity to redefine solution integration. After talking to clients and seeing the company in action, I have to say, Jeff, you're completely right. Thank you. And we're on it. The opportunity to drive deep services and data level integration is significant and can be one of the largest drivers of client value and differentiation.
I am committed to unlocking the platform and delivering true integration advantage. You saw some examples throughout the day, such as Bank Merchant, Clover Connect, Carrot, DNA, Optus, Zelle as well as our market leading core account processing and network businesses. We talked about our award winning people platform. People are Fiserv's number one asset. We plan to be the best, most diverse and most inclusive team.
And we will continue to invest to have the best talent quotient. 1 of the more interesting of these 6 value creation plays is delivering breakthrough innovation. This is not about the day to day. This is our focus on building a smarter future, unlocking value at the intersection of the assets and data we have and the growing power of technology, AI, RPA, machine learning and cloud. We aspire to reimagine payments and fintech experiences for clients and to accelerate growth and value for the next decade of Fiserv.
Last but never least is value creation through capital allocation. I am a deep believer of disciplined capital allocation and assure you that share repurchase will be both the primary use and the benchmark for allocation. Like you, we know the world is moving fast, and we will continue to allocate capital to M and A to meaningfully enhance our value proposition, speed to market and or level of competitive differentiation, including high value scale. Ultimately, the purpose of a playbook is to choose the right sequence of plays to win. For us, that means excellence for clients, having the best team on the field, growing sustainably higher than our peers, being more productive, delivering above market returns for shareholders.
And I assure you, we have the stamina and commitment to make it happen. With that, let's take a 10 minute break. And when we get back, Bob and I will take questions. Thank you. Welcome back.
Thanks again for being here today. Bob and I are together in a socially distanced fashion, which is a sign of the times. Are entering the Q and A portion of the session and Ivy is going to help us out. So let's get started. Over to you Ivy.
Welcome to the Fiserv 2020 investor conference question and answer session. We would now like to open the lines for questions from Fiserv's covering analysts. We plan to be live for the session for approximately 25 minutes. In the interest of time, we would like to limit each analyst to one question with a follow-up only if clarification is needed. Our first question comes from David Koning of Baird.
Your line is now open.
Yes. Hey guys, great comments today. I appreciate it all.
Hi, David.
Yes. Hey guys. So I guess my question just when we think now of the fast growth parts of merchant, ecom and Clover in particular, I think those 2 might almost be like a third of revenue now. How fast should we expect those to grow the next 3 to 5 years? Are those 20% growers?
And then I guess are those accretive to margins? Does the mix shift there help margins more than it hurts margins over time? I guess that's kind of my question.
Yes. First, for spending the day with us, Dave. Appreciate it a lot. And when you look at our total business, you've seen how we've transformed that business over time, Clover, Ecom, ISV and the growth engines that we have. You heard Devin talk a lot about the future and the investments in the future and how he's going to innovate and drive forward.
I think the short answer is yes. But I think it's important to recognize that these engines are completely running today at a pace to bring us accretive growth and margin expansion. And you'll see that well into the future. And that's part of the decade of growth that you're going to see in front of us.
Okay. Thanks guys.
Thank you.
Our next question comes from Lisa Ellis from MoffettNathanson. Your line is open.
Hi, good afternoon and thanks for doing this and thanks for taking my question. I had a question about the Carrot platform, I guess, that you've announced recently, your big enterprise merchant acquiring platform. Can you just summarize how you perceive Carrot to be differentiated versus competitive platforms for global enterprise acquiring, particularly some of the big e comm specialty players? Thank you.
Thank you. Good to hear from you, Lisa, and thanks for spending the day with us today. I think what you've watched our transformation of our ecom business in total, if you went back to 2016, we might have talked about a $500,000,000 ecom business and that was really growing and beginning the growth, but it was $250,000,000 of processing and $250,000,000 of acquiring back then. And you see the transformation of the business, a much more direct business. All that was about the investments in technology that we have made.
And we've continued to expand our capabilities through the multiple generations of this technology, us serving all the countries of the world fundamentally. And the Commerce Hub sits at the middle of that. And Carrot had been worked continually to grow it out. You have heard us talk about the wins we have had over the past 7 quarters and you hear us talk about high growth client wins, the sustainability of that growth model. So I think the tech stack is very, very strong.
Obviously, we've invested heavily in it and we've changed the mix of the business we have. So $750,000,000 of that business today is direct with $250,000,000 being processing, which is a significant change of where we were 4 years ago. We go head to head every day and we win every day and we feel great about it. Thanks.
Thank you.
Our next question comes from Darrin Peller of Wolfe Research. Your line is open.
Hey, thanks guys. Great job today. It's great to see you call out the 150% plus of free cash flow that you've returned in the past several years. It would imply well over $4,000,000,000 of potential annual buybacks per year. A, is that a fair expectation for us to think about going forward once you've gotten to your point of leverage?
And then maybe just remind us on timing around that. And then Frank, just on M and A capital allocation, give us more specifics, if you don't mind, on where you really want to put money towards from an M and A standpoint? Thanks again, guys.
Yes. So first, why don't I talk about our cash generation machine. We talked about $30,000,000,000 over 5 years. We talked about over the next 3 years $13,000,000,000 You saw us get authorization for 60,000,000 shares. That takes our authorization up to 67,000,000 shares.
So we feel very, very strong about our ability to buy the stock and we are a buyer of the stock as we go forward. And we always, and I like to say we, that means both original companies, had a repurchase really at front and center and that be our benchmark. But you will see us use disciplined approach to buy properties. And those properties really will be to enhance our value prop, as I said, to think about what we've done in the past, both companies. If you look at CardConnect, you look at Clover, you look at BluePay, they were all strategic, but then we're able to allow our distribution to really power them.
You look at DNA, which is an award winning platform and how we built that out over time. And you should think digital first, digital first in continuing to expand in the digital and that will bring high value scale to all of that. Maybe I'll let Bob talk a little bit more.
Yes. I think, Frank, the one thing I'd add is, Darren, to the first part of that question, you think about over the next 5 years, as I talked about in my presentation today, we expect about $30,000,000,000 of capital available. That's a combination of $25,000,000,000 of cash and more than $5,000,000,000 available on the balance sheet. Order of magnitude, call it 120 percent of free cash flow, at least 120 percent of free cash flow. The vast majority of that will be used for share repurchase over that 5 year period.
So we think very strong capability to return cash to shareholders as well as participate in M and A opportunities that can be value accretive and improve our client satisfaction and client profitability.
Our next question comes from Tien Tsin Huang from JPMorgan. Your line is open.
Thank you and thanks for the very complete presentation here today. I have a follow-up to what Darren was just asking with the capital allocation. I know it's consistent, dollars 30,000,000,000 is a big number. But industry consolidation does appear to be picking up. So I guess my question here is when might you be in the market to do more acquisitions?
I know you mentioned small to midsize deals. Is this because you see greater value in investing in internal digital transformation as opposed to taking on larger deals to grow? I'm just curious how you're prioritizing things now given that it feels like industry consolidation is picking up and there's a land grab that's going on today? Thank you.
Yes. I would say we feel fully empowered to do anything we need to, start there. We do believe that when you look at the 4 pillars we laid out, we have the one of a kind ecosystem and the ability to take that platform and add more capability on it and then distribute it. Today we touch in fundamentally 100% of U. S.
Households. We have a staggering set of assets that we think we can extend tremendously. And we think there's good opportunity in the white space in those four pillars to continue to innovate and grow. So I would say, we will use M and A as a weapon. We have lots of capacity.
We're going to make sure we're bringing value to clients. And we're going to do whatever we need to do to win. There's a reason why this company over the past 7 quarters has been leading and we will do whatever we need to continue that lead.
Got it. I appreciate that.
Our next question comes from David Togut from Evercore ISI.
Thank you. Appreciate all the helpful insights today. Can you address the timing and magnitude of the deployment of the $500,000,000 Innovation Fund within the context of the 2021 to 2023 financial framework that you provided today?
Yes, I'll walk you through how we're thinking about it and Bob can weigh in some of the financial backdrop on all of it. First of all, you heard over 80 innovation ideas today going on in the business. You heard Devin talk about $50,000,000 of that $500,000,000 being deployed. You saw a guy talk about fundamentally building a smarter future. And you think about the 4 pillars that we have and why we think we have a network and platform that's unparalleled.
And then you take that and as I said before, fundamentally 100% of U. S. Households are served by Fiserv. We have more than 13,000,000,000 ACH transactions. We have 80,000,000 digital banking users, 29,000,000 active bill pay, 1,400,000,000 accounts on file, millions of merchants.
So if you think about that and you think of us building a smarter future to build client value, to bring to clients solutions and integrations they don't have, to fill the white space between the pillars. And you can think about us having the best RPL business, retail private label, us having the 3rd largest debit network, obviously the largest independent putting Star and Excel together and the Clover platform and the things that ecosystem can bring to our clients to add value. That would be one of a dozen plus large opportunities that was not talked about today that we are working on. And I think fundamentally, is de minimis dollars for revenue, and we see spending in this money over this period of time. But Bob could be clear on that.
Yes, David, I think the way to think about it is 2 things. Number 1, we're already spending that $500,000,000 So you heard Devin talk about having earmarked already a chunk of that. That is beginning to flow through our P and L. The other thing is, of course, a portion of that is actually innovation development, and so it gets capitalized, and you'll see it spread out over time. Most importantly, fully encompassed in our outlook, both for 2020, 'twenty one and 'twenty two, 'twenty three, that medium term outlook.
So feel very good about our ability to invest in those breakthrough innovations, continue to invest in what I would call more routine innovation as well as meet our financial commitments.
Understood. Thank you.
Thanks, David.
Our next question comes from Timothy Chiodo from Credit Suisse. Your line is open.
Thanks a lot. Good afternoon, everyone. I wanted to ask about the global e commerce business. The transparency in the disclosure was much appreciated around the $1,000,000,000 in revenue, dollars 750,000 direct. So the platform clearly very unique, local acquiring capabilities globally and that all helped you place very well in the Forrester Wave report, which you highlighted during today's presentation.
I wanted to see if you could just touch on some of the improvements that were made since the last Forrester Wave report, if you will, that helped you move up and improve your ranking so much, which was impressive. And then on the opportunity side, perhaps what are some other things that could be bolted on or added to the platform that could help you move up even further?
Yes. I'd start off with, first of all, thanks, Tim, and thanks for spending the day with us, as I thank everybody else for spending the day with us also. I think we always treated ecom as a long term strategic initiative. And over the past few years, you've watched us take the underlying platform, which is a single platform globally and invest heavily in a set of innovation initiatives. You could take optimization.
You could take least cost routing and bring together the pillars. You could take it all the way from the Clover Platforms gateways throughout the enterprise. And so and we made the client like we do in everything we do at the center of how we were moving forward. And we took a global client view and a local client view and invested in the stack heavily. And then obviously, we brought new services and we'll continue to bring new services, whether it's voice, whether it's fraud through AI, whether it's more authorization opportunity.
But we really feel like we have a very strong leadership position. We've got great players on the field, leading this for us both in technology and business as partners and a road map for long term success and a decade of growth.
Excellent. Thank you. If I could ask a related follow-up around to an extent around e commerce and at the point of sale. I think you mentioned P2P at the point of sale and I think you might have referenced in the past potentially Zelle and B2C and C2B applications. Maybe you could just bring that to life a little bit in terms of what that could look like?
Yes. I think when you think about this innovation and a smarter future, that's how we have thought about it and talked about it. It's a constantly changing landscape. And we believe this set of assets sitting within these four pillars are prepared to help clients in any manner fashionable, whether it's the small business owner or the largest retailer. However people want to pay, we are going to bring friction out of the system.
And I want you to think about it as that's all we're focused on. The ability to allow all payment types accepted at all places and the ability to take all the friction out and be the leader at digital payments, which we already believe we have the strongest hand out there.
Excellent. Okay. Thank you, Frank and team. I appreciate it.
Thanks, Tim.
Our next question
taking my question. I guess I wanted to follow-up on Clover a little bit. It was great to hear about the traction that you guys were seeing in terms of attach rates on software services. So I'm wondering if you could give us some color on the average take rate uplift that you might see when merchants take a software product versus not? And then any help in sizing how much a year Clover is to overall merchant segment revenues today?
And I think my backup view on what Matt suggests is something similar to the direct e commerce piece. Thank you.
Yes. Look, Clover for us is fully embedded in our whole ecosystem. And I think you have to think about it that way. Obviously, it's an industry leader. Its growth trajectory continues to be very strong.
We have over 500 engineers in Silicon Valley fully as is the ability to connect Clover in our ISV business. It obviously also is a big part of our total distribution. And when you see us winning 200 plus banks through the merger, which Jeff and I always believe would be mission critical that we would be a great supplier to banks of our capability. But you also see everyone from Verizon to Deluxe. And so that platform we continue to expand.
We have one of a kind distribution and Clover on its own stands on its own. So I think you will continue to see the investment in it. You see things like order ahead. You saw us bringing out a restaurant product, 17 add on capabilities. You go back to everything Devin talked about and the amount of mine share he has given to the expansion of this.
So it's mission critical to us. It's mission critical to our clients and our software model has been well adopted by our client base. Maybe Bob could talk a little bit about how it participates in our whole economic system.
Yes. Actually, from a standpoint, Vasu, your question around the software model, so we're seeing very good uptake on that. In fact, with new clients signing on into Clover, we see about 46% of all of those new merchants actually taking software. And of course, we continue to bring new capabilities to that overall platform and see that as a continued growth opportunity for us going forward.
Our next question comes from Dan Dolek from Mizuho. Your line is open.
Hey, thanks for taking my question. Congrats, fantastic presentation, great results. Can we talk a little bit about the long term moat of the how you're stacking up against some of these new issuer processors that are out there? Maybe you can discuss some of your ability to get faster growing clients, Fintechs, e comm players in that part of the business, in the issuer processing business? Thank you, guys.
Yes. Thanks. Good to hear from you, Dan Hovol as well. Look, you've heard us on the issuer side talk during the course of this year about our top 25 wins, 3 of them top issuers, the number 4 largest issuer, ADS and obviously, Genesis and Atlanticus. But we've also support some of the more innovative issuers and fastest growing issuers.
I think when you think about our ability to have a single platform to bring both debit, credit and loans together, to be able to supply a data set that's so rich for our clients, to wrap a series of other products around it. We feel that and we've invested heavily. You heard us talk about Optus and what we've done there. And you see SoFi and Rakuten all signing up with us. So I think 1,400,000,000 accounts on file continuing to grow, continuing to invest to the only single platform of its kind in the industry and new entrants subscribing.
So we feel very, very good about it and the ability to bring debit, credit and loans, which I said before, but it's so important to recognize that capability. And we'll continue to build out digital around it always.
Great. Thank you. And great execution. Appreciate it.
Thanks, Dan. Thanks.
Our next question comes from Ramsey El Assal from Barclays. Your line is open.
Really showed the breadth of your overall portfolio of assets, which is very vast. And at First Data, you had a successful strategy of kind of divesting non core, maybe slower growing assets. Is there a similar path that you could go down here in terms of kind of maybe winnowing out some of the non strategic assets in the broader portfolio? Or does what you have kind of in your hands today feel kind of right going forward?
I think we feel great about the hand we have. You saw us spin out our Investment Services division post merger and that was a strategic decision. But the hand we have is very, very strong and we feel great about it right now. Obviously, we're always thinking about that portfolio and we feel the assets, those pillars come together fabulously right now. And we've got a lot of innovation planned for it in the future.
Great. Thanks.
Thank you.
Our last question comes from Bryan Keane from Deutsche Bank. Your line is open.
Hi, guys. Thanks for me in and great detail today. Looking at the merchant services and the midterm growth rate of 9% to 12%, the majority of those revenues come from SMB. And would SMB grow at that same kind of midterm level of 9% to 12%? Because I recall at the 1st day to day that that business lagged for some time and there is a little bit of a worry now due to the pandemic that SMB might be wounded for longer than just 2021?
Thanks.
Yes. Look at that was a long time ago in a land far, far away. Sometimes I say what you are referring to. You watched our merchant business be the leader in the pandemic and coming into the pandemic being the leader fundamentally at 9% to 10% growth. So I think you start there.
Then you look at the amount of innovation going on in the business. You think about the e com wind at our sales. You think about that Clover growth rate. We know our ISV business, as Devin said, will be multiples of what it is today and has an award winning platform. And then you throw on the $230,000,000 that we think about over the next 5 years from bank merchant synergies.
And I think we see the small side growing, the mid size growing, the large clients growing and our international platform, which is an award winning international platform. We have best in class distribution and we also have best in class products. Thanks, Brian.
Great. Thanks so much, guys.
Thank you again for your time today, everyone. We look forward to connecting with you soon and wish you all a safe, healthy and happy holiday season. Thanks. Have a great day.