Digital Transactions

In what may be the biggest anticlimax in their careers, employees at First Data Corp. will walk into their offices Monday morning as employees of Fiserv Inc. And if Fiserv chief executive Jeffery Yabuki’s ambitions prove fruitful, the combined company will play a leading role in fending off nonbanks like PayPal Holdings Inc. and fencing payments within the banking universe.

The combined company, which boasts about $15 billion in total annual revenue, will control consumer and commercial funding accounts through Brookfield, Wis.-based Fiserv’s core-banking relationships and merchant accounts via Atlanta-based First Data’s acquiring business. That will help generate about $4 billion in free cash flow annually by the third year of the merger, Fiserv projected in January.

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