Fiserv, Inc.FISV yesterday announced a partnership with leading credit union, VyStar for enhancement of Vystar's mobile banking platform.
VyStar Mobile Banking App is now equipped with a new alerting and card control functionality, which will allow individuals manage their debit card transactions based on the type, amount or place. If stolen or misplaced, cards also can be turned on/off.
Fiserv claims that more than 15,000 members have signed up for it in the last 90 days through VyStar's Mobile Banking App.
Mobiliti and CardValet are the two Fiserv engines powering the application. VyStar Health Savings Account (HSA) and Home Equity Line of Credit (HELOC) cards will also be featured with the new Card Controls App. Notably, VyStar is said to be Fiserv's first client to work on an updated mobile banking platform.
A glimpse of the company's price trend reveals that the stock has had an impressive run on the bourse in the past year. Shares of Fiserv have gained 23%, outperforming the S&P 500's gain of 13.9%.
Active on the Partnership Front
Fiserv continues to make prudent business moves by entering into partnerships to boost digitalization. Currently, it has a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
In May, Fiserv allied with Broadway Bank to help the latter grow in the commercial banking market by using its Commercial Center cash management solution. In the same month, Fiserv collaborated with Merchant Bank of Sri Lanka & Finance PLC (MBSL) to help the latter offer improved financial services to its customers by leveraging Fiserv's Signature core account processing platform and front-end teller systems.
In April, Fiserv partnered 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 came on the heels of Fiserv's foray into digital transformation with Carter Bank & Trust of Martinsville. 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.
Considering the rapidly changing financial services industry and increasing demand for digital banking services, investment in digital-oriented technologies should boost Fiserv's long-term growth and improve competitiveness.
We believe that the company will continue to pursue accretive deals, which will boost its market share and customer base going forward. The company is focused on becoming a global leader in transaction-based technology solutions.
Stocks to Consider
Some better-ranked stocks in the broader Business Services sector include Verifone Systems, Inc. PAY , FLEETCOR Technologies, Inc. FLT and WEX Inc. WEX . While Verifone and FLEETCOR Technologies currently carry a Zacks Rank #2 (Buy), WEX sports a Zacks Rank #1.
The long-term expected earnings per share growth rate for Verifone, FLEETCOR Technologies and WEX is 14.9%, 16.5% and 14.3%, respectively.
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