Visa has launched Visa Intelligent Authorisation (VIA) in Europe, less than two weeks after introducing this new capability on the Visa Acceptance Platform.By completing this form, you agree to receive marketing communications from PYMNTS and to the sharing of your information with our sponsor, if applicable, in accordance with our Privacy Policy and Terms and Conditions .Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required.VIA enable ...

Core Viewpoint - Fiserv's stock has significantly declined, trading at a decade-low valuation, raising questions about its investment potential as it enters 2026 [1] Group 1: Company Overview - Fiserv serves over 10,000 financial institution clients globally, managing 1.7 billion accounts and authorizing 90 billion transactions annually [2] - The company provides a Clover point-of-sale system that enables small and medium-sized businesses to accept various payment methods and offers tools for inventory management, employee scheduling, and customer engagement [3] Group 2: Financial Performance - In the first nine months of 2025, Fiserv generated $15.9 billion in revenue and $2.7 billion in net income [4] - Adjusted earnings per share (EPS) fell 11% year over year, and management revised its projected organic revenue growth from 12% to just 4% for 2025 [6] Group 3: Growth Challenges - The company's organic growth rates were inflated by pricing in Argentina, contributing approximately 10 percentage points to the reported 16% organic growth in 2024 and over 5 percentage points to the 12% growth in 2023 [7] - With inflation in Argentina normalizing, Fiserv has reset its growth expectations to reflect more realistic mid-single-digit organic growth [7] Group 4: Strategic Initiatives - Fiserv is launching "One Fiserv," a multiyear plan focusing on structural, recurring revenue rather than short-term revenue initiatives, with a capital expenditure guidance increase to approximately $1.8 billion for 2025 [8]

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Financial Data and Key Metrics Changes - The company reported a 35% year-over-year increase in volumes to $45 billion [8] - Gross revenue less network fees increased by 40% to $369 million, driven by stable spreads and subscription revenue [8][23] - Adjusted EBITDA rose by 38% to $169 million, with adjusted EBITDA margins at 46%, slightly above guidance [9][23] - Adjusted EPS was reported at $1.07 per share, reflecting strong performance [9][27] - The company raised its full-year 2025 guidance for gross revenue less network fees to between $1.66 billion and $1.73 billion, representing 23% to 28% growth [28] Business Line Data and Key Metrics Changes - Subscription and other revenue grew by 77% year-over-year to $93 million, driven by success in SMB and sports and entertainment verticals [24] - The company continues to focus on adding new merchants and expanding share of wallet, particularly in the restaurant sector with new offerings like SkyTab Air [10][11] Market Data and Key Metrics Changes - The company is experiencing stable volume trends across all end markets, with a slight deceleration attributed to seasonal factors [8][29] - International expansion is underway, with significant growth in markets like the UK, Ireland, and Germany, signing over 1,000 restaurants monthly [18][73] Company Strategy and Development Direction - The company is focused on unlocking synergies from recent acquisitions, achieving over $20 million in EBITDA synergies in Q1 alone [13] - The strategy includes bundling unique capabilities with payment processing expertise to enhance competitiveness [14] - The company is expanding its footprint globally, now operating in six continents, and is optimistic about signing marquee clients in Latin America [17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate economic uncertainty, noting a proven track record of growing payment volumes during challenging times [21][30] - The outlook remains cautiously optimistic, with guidance not relying on improvements in market conditions [29] Other Important Information - The company has a strong cash position with $1.2 billion in cash and equivalents, well-positioned to manage its $690 million convertible debt maturing in December [27] - The CEO transition is anticipated, with the current CEO expected to step down pending Senate approval for a new position [30] Q&A Session Summary Question: How would you describe the competitive environment in international markets? - Management noted that the international opportunity mirrors the U.S. market evolution, with a lack of convergence among software, hardware, and banking solutions [33][34] Question: Can you touch on what you're seeing in the market more broadly into April? - Management indicated stable consumer spending trends, with modest same-store sales compression across various sectors [40][41] Question: Where are you on the synergy updates from recent acquisitions? - Management highlighted strong cross-sell opportunities, particularly with Revel and Eigen, contributing positively to the overall strategy [46][48] Question: What was organic and inorganic growth for the 40% GR LNF growth in the quarter? - Management stated that organic revenue growth is expected to be over 20% for the year, aligning with their full-year metric [53][54] Question: Can you provide any color on the current revenue split between U.S. and international? - Management indicated that international revenue is still developing, with significant potential for growth in various markets [70][72] Question: Is there any material difference in take rate versus U.S. merchants? - Management confirmed that while there are differences, the path to achieving the 60 bps net take rate target remains consistent across markets [100]