BROOKFIELD, Wis. – Fiserv yesterday said net income for its third quarter rose 47% to $115 million, based on greater cost efficiencies and a 7% decline in expenses, even as revenues declined by 4%.
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The financial segment operating margin increased 310 basis points in the quarter to 29.6% through “improved business mix, ongoing cost efficiencies, and strength in the account processing business," said the provider of back-office services to credit unions and banks.
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Among the third quarter highlights was the launch of Acumen, a new core account processing solution for the U.S. large credit union market. The company said Acumen supports rapid growth by allowing credit unions to scale their operations quickly and cost effectively.
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Fiserv also continued to expand its payments footprint during the third quarter by signing 85 electronic bill payment clients and 58 EFT/debit clients.
Through the first three quarters, Fiserv reported a 15% decline in revenues, to $3 billion, and a 32% drop in net income, to $358 million.
