BROOKFIELD, Wis. – Fiserv reported a 69% decline in first quarter profits yesterday as its home equity processing business was hit by the downturn in the U.S. mortgage market.
First quarter earnings were $103 million, down from $329 million for the same period last year. First quarter revenue fell 20%, to $1.04 billion, due mainly to the sale of the company’s Fiserv Insurance unit.
First quarter highlights include: the signing 107 clients for its electronic bill payment services and 48 clients for its EFT/debit services in the quarter; Wal-Mart expanded its walk-in bill payment capabilities with the CheckFreePay Bill Payment Solution allowing consumers to pay their bills at any Wal-Mart location in the country; and the rebranding of its various data processing units into a single brand.
