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.
FIS, a global leader in financial services technology, will present at the Stephens Annual Investment Conference on Nov. 16, 2020, at 2:00 p.m. (EST) and at Citi's Financial Technology Virtual Conference on Nov. 18, 2020, at 4:30 p.m. (EST). Investors can access a live audio webcast and replay on the Investor Relations page of the FIS website. FIS is dedicated to advancing payment, banking, and investment technologies, helping clients tackle business challenges through innovative solutions. The company is headquartered in Jacksonville, Florida, and is a member of the S&P 500.
FIS has been chosen as the exclusive payments provider for Reynolds and Reynolds, a leader in automotive dealership software. The multi-year agreement allows FIS's Worldpay to manage all payment processing for ReyPAY, enhancing security and efficiency. This collaboration aims to streamline payment operations and improve accounting capabilities for dealerships. Executives from both companies highlighted the potential for innovative payment experiences and operational excellence, enhancing customer interactions and accelerating revenue generation for automotive dealers.
FIS reported Q3 2020 results with a 13% revenue increase to $3,197 million, significantly bolstered by the acquisition of Worldpay. Net earnings for common stockholders were $20 million, down 87% year-over-year. Organic revenue grew by only 1% amid the COVID-19 pandemic. Adjusted EBITDA margin rose by 30 bps to 42.5%, reflecting cost synergies from Worldpay. Merchant Solutions surged by 44%, while Capital Market Solutions faced a 1% decline in organic growth. The company maintained strong liquidity with $4,227 million available as of September 30, 2020.
FIS has been selected by the National Rural Utilities Cooperative Finance Corporation (CFC) to enhance its loan origination and management platform. This partnership aims to consolidate CFC's existing loans systems using FIS' Commercial Lending Suite, which includes solutions for Commercial Loan Origination and Commercial Loan Servicing (ACBS). CFC, a nonprofit organization, provides financing to electric cooperatives across the U.S. This collaboration is set to streamline CFC's lending processes and improve service delivery to its members.
FIS has announced that its Chairman, President, and CEO, Gary Norcross, has been awarded the 2020 Corporate Citizenship Award from the Committee for Economic Development. This award recognizes leadership in corporate responsibility, reflecting FIS's commitment to societal issues such as economic growth and sustainability. Norcross is one of six corporate leaders honored at the virtual event. The award acknowledges FIS’s ongoing initiatives to enhance business practices positively impacting communities worldwide.
FIS has partnered with Brazilian fintech Afinz to provide processing services for its private-label credit card portfolio. Afinz, formerly Sorocred, aims to enhance its operations and support growth by outsourcing card processing to FIS. The migration to FIS's advanced credit card processing platform was completed in early September, improving operational efficiency. This long-term agreement also includes services for a new co-branded credit card with Visa, indicating Afinz's commitment to expand its offerings in the Brazilian market.
FIS announced a quarterly dividend of $0.35 per common share, payable on December 28, 2020, to shareholders on record as of December 14, 2020. This action reflects FIS's commitment to returning value to shareholders while maintaining a robust financial position in the financial services technology sector.
FIS has added Walgreens to its Premium Payback network, enabling customers to redeem credit card rewards in real-time for in-store purchases. The integration allows Walgreens shoppers to utilize loyalty points during transactions, enhancing customer value. This service comes amid a growing list of participating merchants, including Paypal and Shell, and is supported by over 7,000 card loyalty programs, representing approximately 37 million eligible cardholders. The initiative is designed to drive customer loyalty and shopping frequency at Walgreens.
FIS has expanded its operations in Latin America by acquiring domestic card scheme licenses in Argentina. This move allows local merchants to process payments in-country using Worldpay’s extensive merchant solutions. As the largest global acquirer in Argentina, Worldpay will capitalize on the rapid growth of eCommerce, projected to double by 2023, especially in mobile sales. This expansion enhances international market access for Argentine consumers and positions FIS favorably in a rapidly evolving digital payment landscape.
FIS recently held its fifth annual Demo Day, where ten fintech startups showcased their innovations to potential investors and leaders. This year marked a shift to an online format due to the pandemic, and the traditional 12-week program was extended by six weeks for enhanced mentoring. TrustStamp gained recognition as the 'Audience Choice' for its identity verification technology. Governor Asa Hutchinson and FIS CEO Gary Norcross announced the program's continuation into 2021, highlighting its role in fostering fintech growth in Arkansas.