The payments and financial services technology firm Fiserv has reported impressive results for the third quarter of 2023, highlighting an increase of 8% year-over-year in revenue to $4.87 billion.

This growth was especially notable in Fiserv's Acceptance segment, which reported an increase of 12%. The firm's Fintech Fintech Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Read this Term and Payments segments grew by 4% and 5%, respectively.

Fiserv's growth trend extends throughout the year, with GAAP revenue for the first nine months of 2023 increasing by 8% to $14.18 billion compared to the prior year. The Acceptance segment was the major contributor, with a growth of 11%, while the Fintech segment recorded an uptick of 1%, and the Payments segment had an improvement of 8%.

Fiserv Reports Growth in EPS

Furthermore, the company's GAAP earnings per share soared to $1.56 in Q3 2023 and $3.54 in the first nine months of 2023, marking an remarkable increase of 108% and 32%, respectively, compared to the same period in the previous year.

Frank Bisignano, the Chairman, President, and Chief Executive Officer at Fiserv, stated: "Fiserv again delivered very strong financial results across the board, demonstrating our superior business model. We continued our leadership in payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term through a broad portfolio of solutions, which is essential to the flow of commerce and money movement for our diverse client base around the world."

Fiserv's GAAP operating margin showed substantial growth, with a figure of 30.8% in the third quarter and 25.2% in the first nine months of 2023, compared to 18.9% and 19.5% in 2022. Notably, the Q3 and first nine months of 2023 results included a pre-tax gain of $177 million related to selling the company's financial reconciliation business.

Cash Flow, Earnings, and Strategic Moves

The company's strong performance extended to its cash flow, with net cash provided by operating activities surging 19% to $3.57 billion in the first nine months of 2023, compared to $2.99 billion in the prior year.

The company's adjusted earnings per share witnessed a significant boost, increasing 20% to $1.96 in Q3 and 16% to $5.34 in the first nine months of 2023 compared to the previous year. The adjusted operating margin showed strong growth, with a 290 basis point boost to 38.1% in Q3 and a 250 basis point increase to 36.1% in the first nine months of 2023.

In September 2023, Fiserv acquired the remaining 49% ownership interest in European Merchant Services B.V., a Netherlands-based merchant acceptance business.

Fiserv has raised its full-year 2023 outlook, now expecting a growth of 11% in revenue and an improvement of 15% to 16% in the adjusted earnings per share, with a range of $7.47 to $7.52 per share.