Fidelity National Information Services, Inc. (FIS) recently declared that it will offer outsourced payments services in collaboration with Vanquis Bank, a unit of the Provident Financial Group. UK-based Vanquis Bank provides credit services to its customers. Under the collaboration, Fidelity National will also support Vanquis Bank’s international endeavors.
The news comes on the heels of Vanquis Bank’s launch of a pilot project involving a credit card product in Poland. The bank successfully rolled out its program aided by Fidelity National’s technological knowhow.
With the addition of yet another foreign institution, Fidelity National further consolidated its international footprint. Its dynamic solutions for the payment processing industry and effortless deployment of the same have benefited a large number of clients, thereby substantially strengthening its customer base.
Recently, the company also added financial institutions in its portfolio of clients. The First Citizens Bank will use Fidelity National’s FIS' Default Manager solution in all of its retail outlets to accelerate its collection processes. Fidelity National also signed a “multi-year agreement” with Philippine National Bank for providing an integrated retail payments platform supported by FIS’ CONNEX Electronic Funds Transfer switching solution.
We believe that by adding new clients to its list, Fidelity National will diversify the reach of its products, which will subsequently aid its top line. It will also help the company achieve its organic revenue growth target of 3% to 5%.
The company’s closest competitor, Heartland Payment Systems, Inc. (HPY) has been equally proactive in the same fields. Several educational institutions hired the services of the company for managing their financial aid disbursement and refund management.
Fidelity National carries a Zacks #4 Rank that translates into a short-term Sell rating. Heartland Payment retains a Zacks #2 Rank that translates into a short-term Buy rating.
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