2020年至2024年，全球进出口贸易总体呈现稳步回升态势，并逐步迈入结构优化阶段。在总量增速 趋缓的背景下，服务贸易持续展现出更强劲的增长势头，成为驱动全球贸易扩张的核心力量。这反 映出全球产业结构正加速由传统制造导向，向数字服务、知识产权以及金融与科技服务等领域转 型。与此同时，全球区域表现显著分化，亚洲和大洋洲等新兴经济体在全球贸易中的地位持续提 升。相比之下，发达经济体在2024年则整体陷入低速甚至零增长的困境。全球贸易重心正加快向发 展中经济体转移，服务化、数字化和区域合作将共同推动新一轮全球贸易格局重塑。值得关注的 是，受美国加征关税与全球经济不确定性影响，世界贸易组织（WTO）于2025年4月将今年全球商 品贸易额增幅从年初预期的+2.7%调整为−0.2%，反映出全球贸易面临的系统性风险持续上升。 全球跨境支付服务行业丨洞察报告 核心摘要： 全球跨境电商市场持续扩大，货物贸易占比稳步提升，中国跨境电商市场稳居全球跨境电商主力，出口导向 格局持续强化。全球跨境支付市场已进入实时支付、稳定币与数字货币时代，市场规模稳步扩张，小额高频 场景正推动结构重塑。在这样的背景下，跨境第三方支付服务价值得到突显 ...

Financial Data and Key Metrics Changes - Revenue for Q2 2025 increased by 7% year over year and 15% compared to 2024, leading to an upward revision of full-year guidance for revenue and adjusted EBITDA [4][18] - Adjusted EBITDA for Q2 was $181 million, down 13% year over year, primarily due to the timing of license-based contracts [18] - Cash balance at the end of Q2 was $190 million, with a net leverage ratio of 1.4 times adjusted EBITDA, significantly below the previously discussed target of two times [7][21] Business Segment Data and Key Metrics Changes - The biller segment revenue grew by 16% in Q2 and 13% for the first half of 2025, driven by strong performance in government, consumer finance, and utility markets [5][19] - Payment software segment revenue was roughly flat in Q2 but grew by 18% for the first half of 2025, with recurring revenue accelerating to 8% growth in Q2 [5][19] - Annual recurring revenue (ARR) bookings in Q2 were up 86%, bringing first half 2025 new ARR bookings growth to 71% [5][20] Market Data and Key Metrics Changes - The company is experiencing strong demand for its Kinetic platform, which is cloud-native and offers enhanced capabilities for real-time payments and wire transfers [6][12] - The backlog has exceeded $7 billion for the first time, indicating strong future revenue potential [10][70] Company Strategy and Development Direction - The company is focused on enhancing shareholder returns through share repurchases and investments in technology leadership [6][21] - ACI Worldwide is well-positioned to benefit from the adoption of stablecoins, which could drive more cross-border real-time payments [11][13] - The company aims to continue its strategy of signing new contracts and renewals earlier in the year to improve sales efficiency [9][10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving upper single-digit revenue growth targets for 2025, supported by a strong pipeline and positive customer feedback on new products [8][24] - The leadership team emphasized the importance of modernization and the ability to bring new products to market faster, which is critical for maintaining competitive advantage [66][68] Other Important Information - ACI Worldwide was recognized as one of CNBC's World's Top Fintech Companies for 2025 and one of Time's America's Best Midsize Companies in 2025 [14] - The company plans to host an event called "Payments Unleashed" in October 2023 to celebrate its 50th anniversary and discuss emerging trends in payments [25] Q&A Session Summary Question: Update on stablecoins and bank customer conversations - Management indicated that ACI is ready for stablecoin transactions and is positioned in the middle of the payments infrastructure for banks, facilitating these transactions as demand increases [30][31] Question: Acceleration in the Biller segment - Management noted strong performance in the Biller segment, particularly from government contracts, and expects continued progress, though not at Q2 levels [38][39] Question: Areas of strength in ARR bookings - The company reported a diverse mix of deals contributing to ARR growth, with no single deal dominating the performance [44][45] Question: Trends in investment from governments and banks - Management stated that there hasn't been a fundamental change in investment trends, but ACI is better positioned to capitalize on existing demand for payment modernization [65][68] Question: Capital allocation strategy and buybacks - The company remains flexible in its capital allocation strategy, focusing on buybacks and potential M&A opportunities to enhance growth [73][76] Question: Unit economics of stablecoin transactions - Management explained that real-time payments generate significantly more revenue than debit transactions, with stablecoin transactions expected to follow a similar trend as adoption increases [84][86]

Core Insights - Fiserv, Inc. (FI) reported mixed second-quarter 2025 results, showcasing strong segmental revenue performance and margins, but the earnings beat did not satisfy the market, leading to a 15.7% decline in shares since the results release on July 23 [1] Financial Performance - Adjusted earnings per share were $2.47, exceeding the consensus estimate by 2.5% and reflecting a 16% year-over-year increase [2] - Adjusted revenues reached $5.2 billion, slightly missing consensus estimates but showing an 8.6% year-over-year growth [2][7] Segment Performance - Processing and services revenues amounted to $4.3 billion, a 4% year-over-year increase, falling short of the estimated $4.5 billion [2] - The product segment generated revenues of $1.2 billion, up 25.3% from the same quarter last year, surpassing the estimate of $1.1 billion [2] - Merchant Solutions revenues were $2.6 billion, a 9.7% increase from the previous year, but below the estimate of $2.8 billion, driven by Clover growth and expansion into new markets [3] - Financial Solutions segment reported revenues of $2.6 billion, a 7.2% rise from the year-ago quarter, exceeding the estimate of $2.5 billion, supported by strong growth in Zelle transactions and increasing demand for real-time payments [4]