Fiserv Inc. reduced its earnings outlook Wednesday after securing a contract extension with Bank of America Corp. for online bill payment.
The Brookfield, Wis., financial technology company said it expects to report adjusted earnings of $3.28 to $3.40 a share this year from continuing operations, rather than the $3.33 to $3.47 it had forecast earlier.
Jeffery W. Yabuki, Fiserv's president and chief executive, said in an interview that it had given B of A "a one-time adjustment in price" in exchange for the three-year contract extension.
B of A, which had been rumored to be considering other bill-payment alternatives, committed to continue using Fiserv's CheckFree service through 2013, Fiserv said.
The Charlotte company had long been CheckFree's largest customer.
