WIX & ISX Financial Partner to Enhance Open Banking Solutions
Wix.com WIX has joined forces with the creator of PaidBy — ISX Financial EU Plc — which will allow Wix's UK-based merchants to leverage PaidBy's open banking payment platform. Customers can also make payments directly from their banking application or web portal using PaidBy, which, in turn, improves the checkout process and enhances conversion rates.
PaidBy streamlines the payment process by allowing customers to complete transactions in three steps within the secure environment of its banking application or web portal. PaidBy ensures a seamless payment experience for both merchants and customers while minimizing chargebacks and bolstering security as it bypasses card schemes and networks.
UK merchants can swiftly onboard through an automated system, which reduces the time spent on administrative tasks and enables them to focus more on transactions. Furthermore, Wix merchants in the UK can access their funds on the same day as PaidBy will utilize the UK's open banking network to facilitate speedy money transfers between accounts.
Wix.com Ltd. Price and Consensus
Wix.com Ltd. price-consensus-chart | Wix.com Ltd. Quote
The collaboration aims to combine ISX-issued sort code-based merchant accounts with open banking and API-driven notification service to compete with online card scheme processing. This will help Wix’s merchants to expand their online footprint and improve customer experience.
Wix is a cloud-based web development platform that offers solutions that enable businesses, organizations, professionals and individuals to develop customized websites and application platforms. The company continues to launch several user-friendly applications and ink strategic collaborations to meet the requirements of a dynamic retail environment.
The company plans to tap the growing demand for artificial intelligence (AI) by launching new products like Conversational AI Chat for businesses and AI Meta Tags Creator. These help users build their online business profile and enhance their website.
Going ahead, the company expects 2023 revenues and free cash flow margin to rise owing to business momentum. The management now anticipates 2023 revenues to grow 12-13% and in the range of $1,558-$1,563 million (earlier view: growth of 11-12% and in the range of $1,543-$1,558 million).
However, the volatile macroeconomic environment and unfavorable foreign currency fluctuations are likely to have acted as headwinds. Stiff competition and rising accumulated deficits are major headwinds.
Zacks Rank and Stocks to Consider
WIX presently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the broader technology space are Pegasystems PEGA, Flex FLEX and Watts Water Technologies WTS. Pegasystems and Flex presently sport a Zacks Rank #1 (Strong Buy), whereas Watts Water Technologies carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for Pegasystems’ 2023 EPS has improved 21.2% in the past 60 days to $1.77. PEGA delivered an average earnings surprise of 1,250.2% in the trailing four quarters. Shares of PEGA have jumped 49% in the past year.
The Zacks Consensus Estimate for Flex’s fiscal 2024 EPS has increased 3.6% in the past 60 days to $2.56. Flex’s long-term earnings growth rate is 12.4%.
Flex’s earnings outpaced the Zacks Consensus Estimate in each of the last four quarters, the average earnings surprise being 11%. Shares of the company have risen 20.1% in the past year.
The Zacks Consensus Estimate for Watts Water Technologies 2023 EPS has improved 2.8% in the past 60 days to $8.00. Watts Water’s long-term earnings growth rate is 7.8%.
WTS’ earnings outpaced the Zacks Consensus Estimate in each of the last four quarters, the average earnings surprise being 11.8%. Shares of WTS have rallied 31.3% in the past year.
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