Welcome to our dedicated page for Fiserv news (Ticker: FISV), a resource for investors and traders seeking the latest updates and insights on Fiserv stock.
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Fiserv, Inc. (NASDAQ: FISV) reported its first quarter 2023 results, highlighting a 10% increase in GAAP revenue to $4.55 billion, driven by strong performance in the Acceptance segment, which grew by 12%. Despite the revenue growth, GAAP earnings per share (EPS) decreased 13% to $0.89 due to last year’s gains from equity transactions. The company achieved a 13% increase in organic revenue and adjusted EPS rose 13% to $1.58. Fiserv's adjusted operating margin improved to 33.6%, while free cash flow reached $861 million. Looking ahead, Fiserv raised its organic revenue growth outlook for 2023 to 8% to 9% and adjusted EPS to $7.30 to $7.40. The market's reaction reflects confidence in the company's innovation and operational strength.
Fiserv (NASDAQ: FISV) has announced that small- and medium-sized businesses (SMBs) in the U.S. can now accept in-person contactless payments using their iPhones through the Clover Go iOS app and Tap to Pay on iPhone. This integration enhances the Clover point-of-sale and business management platform, providing SMBs with greater mobility and flexibility. This solution eliminates the need for additional hardware, allowing businesses like fitness trainers and food truck operators to accept payments efficiently. Clover processes over $234 billion in payments annually, enabling businesses to streamline operations and improve customer engagement.
Fiserv, Inc. (NASDAQ: FISV) has launched a new Digital Issuance capability, enabling cardholders to access new or replacement debit cards electronically. This innovation allows immediate in-store and online purchases, eliminating the wait for physical cards. Manasquan Bank, a client, piloted the program, enhancing client convenience and promoting card loyalty. According to Juniper Research, digital wallet users are projected to surpass 5.2 billion globally by 2026, with transaction values exceeding $12 trillion. Fiserv focuses on enhancing the cardholder journey, ensuring quick access and reducing the risk of lost transactions and customer relationships. This initiative aligns with market demands for faster, digital solutions in financial services.
Fiserv is advancing the implementation of real-time payment services in the U.S. through the FedNow pilot program in collaboration with nearly 20 financial institutions, including Salem Five. The FedNow Service is set to launch in July 2023, providing a reliable network for financial institutions to conduct real-time payments on behalf of customers. The NOW Gateway will ensure easy connectivity to various real-time payment networks. Clients, like Salem Five, are leveraging this service to enhance customer experiences, supporting use cases such as instant refunds and bill payments.
Matt Wilcox, President of Digital Payment Solutions at Fiserv, stated that the demand for real-time payment options is growing, indicating significant adoption potential. This initiative positions Fiserv as a leader in the evolving payment landscape.
Fiserv, Inc. (NASDAQ: FISV), a global leader in payments and financial services technology, will announce its first quarter financial results on April 25, 2023, before the market opens. A live webcast will take place at 7 a.m. CT on the same day, accessible via the Fiserv investor relations website. The company offers a wide range of solutions, including account processing, digital banking, and card issuer processing. Fiserv is recognized as one of Fortune's World’s Most Admired Companies and is a member of the S&P 500 Index.
Bankjoy has announced its integration with Fiserv Portico, enhancing digital banking capabilities for credit unions. This integration allows credit unions to provide an improved online and mobile banking experience, attracting new members and strengthening existing relationships. Live Life Federal Credit Union, with over $60 million in assets, is the latest institution to implement this integration. Bankjoy's platform offers mobile banking, online account opening, and loan origination, focusing on cost-effective solutions for credit unions.
The integration aims to facilitate swift adoption of modern banking features without extensive engineering resources. McKinsey & Company highlights that top financial institutions see a 10-15% revenue growth yearly through enhanced digital engagement. A webinar on April 18 at 1 PM ET will demonstrate this integration. Fiserv, a leader in financial technology, supports its clients with innovations in digital banking and payments.
