Core provider Fiserv is staying focused on innovation opportunities through partnerships and acquisitions.  

The company’s partnership with cloud-computing provider Snowflake will “enable Fiserv customers to access their payments data in near real-time to better inform their business decisions” through a data-as-a-service (DaaS) solution introduced in September, Fiserv Chief Executive Frank Bisignano said during the company’s third-quarter earnings call today.

The $4 billion, Martinsville, Va.-based Carter Bank & Trust was cited during the call as an example of a financial institution that will use the DaaS to “consolidate and connect data across the enterprise,” Bisignano said. The offering is expected to create actionable data flows and access points to enable real-time business decisions, according to a Snowflake release. 

Fiserv reported for Q3: 

• Payments and network segment revenue increased by 7% year over year to $1.6 billion; 
• Financial technology segment grew 1% YoY to $766 million; 
• Expenses increased nearly 4% YoY to $3.6 billion; and 
• Overall revenue climbed 11% YoY to $4.5 billion. 

Customer Wins 

Fiserv logged 14 new financial institution (FIs) and fintech customers in Q3, nine of which were “competitive takeaways” from industry competitors, Bisignano said.  

In addition, Waterbury, Conn.-based Webster Bank, which acquired $31 billion Sterling Bank — a Fiserv client — in February to create a $65 billion combined financial institution, has chosen Fiserv as its core account processing platform. 

Partnerships 

Fiserv also announced an agreement with IT operations management platform Zenoss to power core banking software Finxact, which was acquired by Fiserv in April. 

The core provider expects that tech investments made during Q3 will continue to power growth moving forward, Bisignano said. 

“We can trace our success here directly to the investment we’ve made in the business over the last few years,” he said. “These include a robust set of APIs, AI-based fraud management, cardholder experience technology, the [software company] Ondot acquisition and integrated end-to-end output solutions, plus ongoing cloud enablement of our technology stack.” 

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