Financial services technology solutions provider Fiserv announced Thursday (Dec. 7) that five credit unions (CUs) are using its DNA from Fiserv offering, an open architecture account processing platform built on modern technologies combined with a variety of integrated surround solutions.
In a press release, Fiserv said the technology will enable CUs to enhance operational efficiency, create distinctive and unified member experiences across both digital and physical channels and align future growth with changing member needs. Credit unions using the technology include Alliance Credit Union, Clark County Credit Union, Community First Credit Union, Empower Federal Credit Union and OneAZ Credit Union.
“Upgrading our technology infrastructure with Fiserv enables us to operate even more efficiently and bring our members the convenience they expect from us — whether in our branches, in their homes or on their mobile devices,” said Catherine Tierney, president and CEO of Community First Credit Union. “Our credit union has been a Fiserv client for more than 30 years, and we trust them to deliver the quality, experience, support and innovative solutions we need today, and to adapt as our credit union and our members’ needs evolve over time.”
Fiserv recently reported its results for the third quarter, showing top-line growth even as some revenue streams were pressured. Earnings missed consensus estimates, coming in at $1.27 on an adjusted basis, and below the projected earnings of $1.31. The top line was $1.40 billion, gaining from the third quarter of 2016, where revenues totaled $1.38 billion. The latest tally missed estimates by about $50 million.
Drilling down into business results by segment, payments were up 3 percent year-over-year, while the financial segment slipped by 1 percent.
In a statement accompanying the release, CEO Jeffrey Yabuki said earnings growth came despite “pressure from lower periodic revenue in the quarter” and tough comparison for EMV card production revenue growth. During a conference call with analysts, management stated the periodic revenue decline (down $16 million year-over-year) was tied, in part, to contract termination fees — though it maintained reasonable conviction that such revenues would rebound soon.