Fiserv saw an increase in payments revenue during the fourth quarter as its financial institution clients looked to join new payment rails and grow deposits. 

Payments revenue during Q4 increased 3% year over year to $1.8 billion, according to Fiserv’s earnings supplement. 

“Our discussions with banks and credit unions indicate that they remain poised to spend to retain and grow deposits,” Fiserv Chief Executive Frank Bisignano said during today’s Q4 earnings call.  

With that in mind, during 2023, Brookfield, Wis.-based Fiserv added more than 200 financial institutions to its NOW Network to expand payment routes for FedNow and real-time payment rails, Bisignano said. 

BIGGER PICTURE: Also in Q4, the tech provider’s bank clients signed on for additional payment options:  

• $38.5 billion Prosperity Bank announced it is upgrading to Fiserv’s cloud-enabled DNA platform and has signed up for Fiserv’s CardHub solution; 
• $49 billion Old National Bank expanded its relationship with Fiserv, adding debit processing, Accel and CardHub. 

BY THE NUMBERS: In Q4, Fiserv reported: 

• Adjusted revenue grew 6% YoY to $4.6 billion; and 
• Fintech revenue fell 3% YoY to $800 million. 

TRANSACTIONS: Fiserv closed the following deals in Q4; 

• Signed a payments deal with Vistara, a domestic airline in India; 
• Continued its payments deal with $678 billion CaixaBank; 
• Inked first client deal of Q4 with $23 billion Washington Federal Bank; and 
• Synchrony upgraded to Fiserv’s fraud decisioning engine, Advance Defense, across its portfolio. 

[stock_market_widget type=”inline” template=”generic” assets=”FI” markup=”{name} ({symbol}) is trading at {price} ({change_pct}) as of {last_update}” api=”yf”].

Get ready for Bank Automation Summit U.S. 2024 in Nashville, Tenn., on March 18-19! Discover the latest advancements in AI and automation in banking. Register now.