Welcome to our dedicated page for Fidelity Natl Information Svcs news (Ticker: FIS), a resource for investors and traders seeking the latest updates and insights on Fidelity Natl Information Svcs stock.
Fidelity National Information Services, Inc. reports developments in financial technology services for banks, financial institutions, businesses and developers. News commonly covers core banking and payments platforms, issuer processing, SaaS reconciliation through FIS Data Integrity Manager, asset servicing tools such as FIS Proxy Voting by Proxymity, and digital money products including Lyriq for tokenized deposits and digital currencies.
Company updates also include client selections, technology partnerships, AI agents for financial-crimes and AML workflows, quarterly results, outlook commentary, dividends, and the integration of completed portfolio actions such as the Issuer Solutions acquisition and Worldpay exit.
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FIS has launched RealNet™ Central, a payment solution aimed at enhancing real-time payment infrastructures globally. This initiative addresses the need for countries to modernize or establish their payment networks, with 72% of the world's population expected to access instant payments. Additionally, FIS introduced a CBDC Virtual Lab, allowing central banks to experiment with digital currencies. This innovative platform supports over one million transactions per second, promoting faster and more secure transactions in an increasingly digital economy.
Kasisto has secured an additional $15.5 million in Series C funding, led by Fidelity Information Services (FIS) and Westpac Banking Corporation, increasing total Series C funding to $31 million. This funding aims to accelerate growth in the US community banking market and enhance global AI innovation partnerships. Kasisto's KAI platform is a leader in conversational AI for financial services, aimed at improving customer experience and service models. The investment reflects confidence in Kasisto's growth and vision for the future of banking.
FIS announced that John Durrant will become the new President of Banking Solutions effective September 1. Durrant succeeds Martin Boyd, who is retiring but will assist in the transition until year-end. Durrant brings 25 years of experience from reputable firms like Bank of America and Capital One and is expected to drive innovation and client focus within the division. Boyd has been with FIS since 2015 and played a key role in the company's success.
FIS has announced the ten fintech companies selected for the 2022 FIS Fintech Accelerator program, which includes firms focusing on green banking, P2P payments, debt management, and more. This year, 30% of participants are women-founded companies. The program, now in its seventh year, aims to foster high-potential fintech innovations through mentoring, training, and investments. Graduates often secure further funding and partnerships with FIS. A public showcase of these innovations will occur on November 9.
ANZ New Zealand has partnered with FIS to implement its Modern Banking Platform on Microsoft Azure, marking the first deployment outside the U.S.. This cloud-based solution will modernize core banking capabilities, enhancing security and customer service. With 91% of financial institutions embracing cloud services, FIS aims to help ANZ innovate and speed up its banking services. Upgrading technology is part of ANZ's five-year investment plan, ensuring continued delivery of reliable services, pending regulatory approval.
FIS reported a revenue increase of 7% on a GAAP basis and 8% on an organic basis to $3.7 billion for Q2 2022. Diluted EPS reached $0.45, while adjusted EPS rose 7% to $1.73. The company returned $600 million to shareholders through share repurchases and dividends, reducing leverage to 2.9 times. Merchant Solutions led with an 11% revenue growth despite challenges from the Russia/Ukraine conflict. Notably, CFO James “Woody” Woodall will step down on November 4, 2022, succeeded by Erik Hoag. Full-year guidance was updated to reflect macroeconomic conditions and divestitures.
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Worldpay from FIS has expanded its partnership with Chargebacks911 to introduce enhanced Disputes Deflector products aimed at reducing chargebacks and fraud for merchants. With 65% of merchants facing increased chargeback fraud in 2022, this initiative addresses a critical issue in the fintech landscape. The Disputes Deflector suite offers five products that integrate best-in-class solutions and streamline dispute management. This move reflects a shift towards automated processes in response to evolving merchant needs and consumer behaviors.
FIS has expanded its Worldpay merchant solutions into South Korea, tapping into a projected eCommerce market growth from $121 billion in 2021 to $243 billion by 2025.
This strategic move, via a partnership with TossPayments, aims to enhance domestic acquiring capabilities for global merchants, offering vital payment services and insights. As digital wallet usage grows, predicted to comprise a third of eCommerce spending by 2025, FIS positions itself to support merchants' seamless integration into this lucrative market.