Activist hedge fund Jana Partners is calling on Fiserv to more than double its planned cost savings and adopt technology from Palantir Technologies as it seeks to accelerate the payments company's transformation, according to a report by Reuters.

Jana, which has held a stake in Fiserv since late 2025, outlined its demands in a letter to the company as the payments group continues to contend with a sharp decline in its share price.

The activist investor is urging Fiserv to increase its cost-saving target under its Project Elevate programme from $500m by 2029 to $1.25bn. Jana wants the company to announce the higher target alongside its third-quarter results.

Fiserv's shares have lost more than half their value over the past year, reaching their lowest closing price since February 2016 on 23 September.

Jana has argued that Fiserv needs to move more quickly on restructuring and strategic changes. In July, the hedge fund called on the company and its board to undertake a comprehensive review of the business rather than pursue individual asset sales.

Fiserv Chief Executive Takis Georgakopoulos, who took over in June, has said the company is reviewing its businesses and could pursue additional divestments. The company has also been reported to be considering a sale of its payments infrastructure operation, which handles debit-card transactions, a move that Jana has supported.

The hedge fund's latest proposal focuses on both costs and technology. Jana believes Fiserv could use Palantir's software to simplify its technology infrastructure, reduce accumulated technology debt and cut spending on legacy technology vendors.

Fiserv, which has a market value of about $25bn, has faced criticism from Jana over what the hedge fund describes as repeated forecasting errors and reductions to financial guidance. Jana has argued that the company should set substantially more ambitious savings targets rather than risk establishing goals that can be achieved without materially improving earnings.

The proposal reflects Jana's broader interest in using Palantir's technology at companies in which it has taken activist positions. Mercury Systems, a defence technology company where Jana managing partner and portfolio manager Scott Ostfeld serves as a director, announced a strategic partnership with Palantir in August focused on automating manufacturing operations, improving materials planning and accelerating deliveries to the US military.

Jana also has previous experience campaigning at payments companies. In 2024, it successfully pushed Fiserv rival Fidelity National Information Services to separate its Worldpay payments business.