“P2P transactions, including Zelle, grew nearly 30%,” according to Fiserv CFO Robert Hau. It was also noted that several banks — Fiserv serves some 13,000 financial institutions — saw a boost in transactions due to Zelle. But Fiserv CEO Jeffrey Yabuki said growth will continue to be fueled by multiple transactional lines of business, specifically mentioning bill pay.
“We’re going to continue to get this network effect and this growth much like we’ve seen happen in other transactional businesses, whether that be the card processing businesses or the bill pay business,” Yabuki noted.
Quarterly revenues of $1.4 billion indicate there was an overall 2.2. % increase in earnings YOY.
When questioned about Zelle, Yabuki said the service is focusing on “enhancing the consumer experience,” and “more innovative use cases,” noting that Fiserv would be a part of these forthcoming developments.
Revenue growth from payments stood at 5%.
Fiserv will continue to work with financial institutions that need to update their digital payment solutions.
“A number of institutions have made public attestations of incremental technology investments, with a focus on digital experiences and payments transformation, both of which are near and dear to our heart,” said Yabuki.
As for the company’s acquisition strategy, the focus will continue to be digital payments. “When we think about acquisitions as part of our capital allocation strategy, we do bias to areas, payments, digital, especially in the commercial side,” said Yabuki.
Fiserv is a sponsor of Bank Innovation’s sister accelerator, INV Fintech.