Frank J. Bisignano
President and Chief Executive Officer at Fiserv
Thank you, Shub, and thank you all for joining us this morning. As you know, we serve as the operating system for commerce and money movement across our client base of banks, credit, unions, FinTech's and businesses ranging from SMBs to mid market, to large enterprises. We help our clients grow by extending our platform to capture new services and new money flows.
As we exit the second year of the pandemic, we had another successful year of delivering on our growth agenda. We delivered 11% organic revenue growth for both the fourth quarter and full year, at the high-end of our 7% to 12% outlook that we originally provided at our December 2020 Investor Day. We expanded full year adjusted operating margins by 250 basis points. We also achieved 26% growth year-over-year in adjusted earnings per share to $5.58, well above our original outlook of $5.25 to $5.45.
Our merchant platforms Clover and Clover Connect for small and medium-sized businesses and Carat for enterprises are showing very strong growth. We are winning in omnichannel and seeing strong growth in value-added services such as Clover software, fraud, risk, lending and payment flows, including disbursements and cross-border. Our acquisitions of BentoBox and NetPay give us the assets to enhance our services -- service offerings in verticals like restaurants and allow us to via paybacks.
We are successfully meeting our FI clients goal of driving digital engagement through our best-in-class online and mobile banking platform ability, as well as integrated mobile-first surround solutions such as Card Hub, featuring Ondot for retail customers and SpendLabs for small business customers. Recall, that we bought Ondot and SpendLabs in 2021, and are already seeing great traction with them. We expect these solutions will have a positive effect, strengthening our client value proposition across core banking, payment processing and the network business.
We made outstanding progress on the integration of Fiserv and First Data. The fourth quarter marks the completion of our cost synergy program. We achieved our target of $1.2 billion, $300 million above our original commitment and two years ahead of schedule. We actioned $480 million of revenue synergies and are now at 80% of the increased commitment of $600 million. We anticipate obtaining the full $600 million of revenue synergies by the end of this year, 18 months ahead of schedule.
Strengthening our leadership as our clients partner of choice. Yesterday, we announced a definitive agreement to acquire the remaining ownership interest in Finxact. We were initial investor in Finxact, a leading developer of cloud native banking solutions that is powering digital transformation across financial services. This is an investment in the next generation financial technology that supports our strategy to continuously innovate for our clients and broaden our total addressable market. Finxact will not only augment our ability to enrich and accelerate the delivery of digital solutions we offer to our existing clients, but also broaden our solutions to include large financial institutions, FinTechs, banking's as a service, and embedded finance opportunities. We've worked closely with the Finxact team and look forward to welcoming Frank Sanchez, his leadership team and the entire Finxact organization to Fiserv when the deal closes later this year.
Our business momentum and investments thus far position us very well for the future. Accordingly, we have good visibility into accelerating our organic growth to a rate of 7% to 9%, above our average for the last three years and in line with our medium-term outlook. We expect 2022 adjusted EPS to be $6.40 to $6.55, which is a growth of 15% to 17%. This, when combined with the 26% growth we delivered in 2021, we generated two-year compounded annual growth of 21%, above the high-end of our medium term outlook range of 15% to 20%.
Turning to the business segments, let me start with Merchant Acceptance. We continue to focus on investing in our leading merchant operating systems, Clover and Carat, to provide products and services and expand our addressable market and to drive growth for our clients in the SMB and enterprise space. These operating systems continue to perform well and were key drivers of Merchant Acceptance organic revenue growth of 19% and 20% for the quarter and year respectively.
Clover continues to be the commerce and business management platform of choice for SMBs in the U.S. and around the world. In 2021, as small business recovery took hold, merchants turned to Clover for leading in-store payment solutions, online commerce capabilities and new vertical services to grow their business. We completed our acquisition of BentoBox, a leading digital ordering and delivery management platform to help now close to 200,000 restaurant owners on our platform reach more customers. In addition to BentoBox, we signed a variety of strategic partnership to enhance the tools restaurants need to be successful. One such example is our new partnership with Google to enable customers to more easily find an order from Clover restaurant locations.
As we roll out these holistic SaaS-based solutions, we see notable increases in the average revenue per merchant. We are very excited about continuing this success and replicating it across other verticals. Closing out 2021, Clover is better positioned than ever as the leading operating system for SMBs. Carat, our omnichannel ecosystem serving enterprise clients continues to grow across the board. We saw particular strength in an omnichannel transactions which were up 51% in 2021. As the demand for omnichannel solutions persisted through 2021, demand for our integrated solutions such as disbursements, payback enablement, EBC and other digital capabilities rose to an all-time high.
Disbursements have become an important part of the consumer experience in many verticals throughout the pandemic. Consumers and businesses want simple, fast access to their money digitally. Carat is well positioned to drive growth in disbursements as evidenced in it's expanded relationships with a number of companies within insurance and ridesharing sectors, as well as digital wallet companies, including marquee brands such as PointBase.
Turning to our cross-border capabilities, we continue to see strength from the recovery with double-digit cross-border transaction growth in 2021. Looking forward into 2022, we will continue to push deeper into key priority areas, including omnichannel disbursements and cross-border to expand the breadth and depth of services for our enterprise clients.
Moving to the Payments and Network segment. Organic revenue grew 8% in the quarter and 6% for the full year. Within the Issuer business, we saw notable strength in general purpose active accounts, now ahead of pre-pandemic levels. Our Card business continue to provide growth above the segment average from strength in digital risk solutions, debit network volumes and debit transaction growth.
Market-leading innovative solutions like Card Hub and SpendLabs are both enhancing revenue and reducing churn. In fact, SpendLabs product market fit is stronger than we had originally anticipated and this offering along with Card Hub are notably contributing to our expanded presence with mid-market FIs for card processing solutions. These surrounds not only greatly enhance the competitiveness of our credit and debit card processing offering, but also serve to drive more cards into our debit network and more opportunities for Fiserv to offer risk and fraud, digital banking and account processing solutions, yet again demonstrating our ability to harness the power of our unmatched distribution platform. Looking to 2022, we expect to see continued momentum from the ramp of our large credit issuer wins in 2020 and 2021, including Alliance Data, Atlanticus and Genesis, three top 25 issuers strengthen our digital offerings with Card Hub and SpendLabs and strengthen Zelle.
Moving to the Financial Technology segment. The fourth quarter was in line with our expectations, posting organic revenue growth of 4%, closing out the year up 4%. We finished 2021 strong on sales with 48 new core wins, including competitive takeaways with marquee names such as Valley Bank and Dollar Bank. Not only are we winning in core account processing, but also seeing success in cross-selling pan [Phonetic] Fiserv capabilities to clients. This has demonstrated in our competitive takeaway a Great Southern Bank, a institution with more than $5 billion in assets. With this agreement, Great Southern Bank will be moving to a complete suite of Fiserv offerings across core account processing, digital banking surrounds, card processing and output solutions.
We are continuing to win in the high-growth $1 billion to $50 billion assets segment. Clients continue to choose Fiserv as their strategic technology partner to power combined entities into the future. Key wins in 2021 include NYCBs merger with Flagstar, and First Interstate Banks merger with Great Western.
Sales of digital surround solutions grew strong double digits in 2021, driven by the increase digital focus about financial institution clients and the successful ability of modern online mobile banking platform. We finished the year with 434 sales to existing and new logos. Sales to existing clients helped deepen the penetration of our fully integrated digital surrounds such as Card Hub, Zelle and SpendLabs. It is clear that our solutions are already winning in the market. We will accelerate this momentum through our announced agreement to acquire Finxact, which will enable clients to quickly deploy modular banking services, including deposits, loans, cards as well as launch new banking solutions, including a digital bank, bank as a service, and embedded finance.
We have already made strides in the category of API development and the market is recognizing our leadership. In 202,1 we are proud to accept an award for the best finance APIs for our communicator advantage API platform at the API World Awards. And for AllData Connect, our data aggregation portal and for Business Intelligent Group's 2022 Big Innovation Awards.
Looking into 2022 and beyond, the powerful combination of our market-leading banking cores along with Fintech, which enables clients to launch modern flexible and highly personalized digital banking experience is an ability how industry-leading online and mobile banking platform will position us to better serve our existing clients and a broader array of customers.
Now, let me pass the discussion to Bob for more detail on our financial results.