FIS Sees Record Sign-Ups for Core Banking Products

FIS says it is on pace to have a record year for sign-ups to its core banking offering.

It’s a trend driven by “competitive takeaways” and greater traction in the community banking sector, Stephanie Ferris, CEO of the financial services technology provider company, said on an earnings call Wednesday (Aug. 7).

“In fact, for the first half of 2024, we’ve signed almost as many cores as we did in all of 2023,” she said. “Within our digital business, we saw new sales growth of over 30% in the first half of 2024, highlighting the success of our cross-sell into existing core customers, and displacing competitors.”

Ferris noted too that the company’s payments offerings “continue to resonate,” with FIS signing a number of “new marquee players” during the quarter.

“We’re also winning in the fast-growing treasury and risk market, with further penetration in growth verticals such as insurance,” she said.

“Across money at work, we are leaning into our global distribution to win new business and seeing strong double-digit growth in our commercial lending business, where we continue to see and are seeing strong momentum across straight quarters of outperformance as we continue to execute against our strategy.”

During the question-and-answer portion of the call, management was asked about the company’s ongoing relationship with Worldpay, the payments technology firm it sold earlier this year, while still retaining a stake.

“We feel really good about the separation of Worldpay,” Ferris said. “You can see in their numbers that their team over there is operating the business, better than we were when it was inside FIS. The commercial relationships with Worldpay are really strong, and continue to be strong.”

Ferris also discussed some recent partnerships, such as the company’s collaboration with Curinos earlier this week to help financial institutions optimize their deposit growth. With this effort, Curinos’ deposit optimizing tools will be more accessible to the financial institutions using the FIS IBS and Horizon core banking platforms.

“Our alliance with Curinos is one more example of how FIS is delivering on our vision to unlock financial technology to the world by providing innovative, data-driven tools to help our clients achieve their strategic objectives,” Melissa Cullen, head of core banking solutions at FIS, said in a news release.