There’s often M&A among the smaller fintechs, but sometimes giants want to get together, too. Big news broke this week that entrenched financial technology vendor Fiserv is purchasing e-commerce payments powerhouse First Data in a $22-billion, all-stock deal.

What’s the big deal about this momentous merger? According to TechCrunch, it’s all about providing a one-stop shop for clients as the financial services ecosystem takes steps to build more integrated services. The result, say experts, will hopefully be about creating products that allow the merged behemoth to better compete in the financial services landscape, while also saving a boatload of Benjamins in cost and revenue synergies.

But in an analysis by Reuters, what seems like a strategic no-brainer, to bring Fiserv’s bank payment and processing software together with First Data’s credit card payments and services for banks and merchants, could also be risky. Could a web of dysfunction be woven post-deal? What happens if economic expansion comes to a screeching halt? Late-cycle mergers, says author Robert Cyran, “can bring surprises.”

We’ll certainly be watching closely how these two two giants integrate their offerings.

This article was published as part of Weekly Briefing No. 157