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Fiserv, Inc. FISV yesterday announced its partnership with SISCOOP to enable 26 Mexican credit unions to offer a full range of secured digital banking and payment services using Fiserv’s DigitalAccess technology.
This is said to be the first time when credit unions in Mexico will be digitalizing their services. Credit unions will now able to provide their customers the same offerings as banks do.
Founded in 2008, SISCOOP is a cooperative that serves credit unions in Mexico. It primarily focuses on the execution and operation of electronic payment projects with updated technologies.
DigitalAccess is a platform designed to offer a wide range of digital banking and payment services to meet the varying demands of consumers and business clients of financial institutions, worldwide. It is expected to perform more efficiently with more security in less time.
The first credit union to deploy DigitalAccess will be SISCOOP member - Caja Popular Mexicana (CPM). Notably, CPM is the largest credit union in Mexico and one of the largest in Latin America.
Fiserv Expands in Digital Banking Space
The move comes on the heels of Fiserv’s foray into digital transformation with Carter Bank & Trust of Martinsville, announced on Apr 9, 2018. The bank will use the Digital Edge suite from Fiserv to digitalize banking services and automate multiple manual processes as part of a strategic transformation.
We believe the partnership with SISCOOP is one of Fiserv’s several strategic business moves to enhance its digital banking and payments solutions suite. Considering the rapidly changing financial services industry and increasing demand for digital banking services, investment in digital-oriented technologies will boost Fiserv’s long-term growth and improve competitiveness.
We also believe that the company will continue to pursue accretive deals, which will boost its market share and customer base going forward. The company is highly focused on growing into a global leader in transaction-based technology solutions.
Zacks Rank & Price Performance
Currently, Fiserv is a Zacks Rank #3 (Hold) stock. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
A glimpse of the company’s price trend reveals that the stock has had an impressive run on the bourse in the last year. Shares of Fiserv have returned 21.8%, outperforming the S&P 500’s gain of 15.3%.
Stocks to Consider
Some better-ranked stocks in the broader Business Services sector include Verifone Systems PAY, Mastercard Incorporated MA and FLEETCOR Technologies, Inc. FLT, all carrying a Zacks Rank #2 (Buy).
The long-term expected earnings per share growth rates for Verifone, Mastercard and FLEETCOR Technologies are 14.9%, 18.3% and 16.5%, respectively.
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