fiserv earnings call transcript
Zelle transactions tripled in 2019, and the number of live clients increased tenfold compared to a year ago. And so we like the fact that we now, both sides of the original organizations, have more tools in the tool chest to go out and serve clients and win business.I would say that on the traditional, the original First Data issuer processing business, specifically on the credit side, we're seeing some really interesting opportunities in the market. For the full year internal revenue growth was up a solid 3%, led by our account and item processing businesses. Two issues drove the unusual margin decline, led by roughly 270 basis point headwind, primarily related to the very sharp COVID volume decline at quarter's end, with roughly two-three of that amount from our higher growth international business.Next, the comparative negative impact of brand assessment fees, along with the expiration of a 10-year deferred revenue item in BAMS, which ended in Q2 last year, pushed margin down by another 200 basis points. And the beauty there is it's a platform, right.
Unless stated otherwise, performance references made throughout this call are year-over-year comparisons, and all references to internal revenue growth are on a constant currency basis. And we had been working on that for quite a while, that was not new. We are enhancing our already resilient business by accelerating integration, enhancing services for clients and developing strategies that will allow us to lead the industry regardless of the economic environment. All right. And I think that change is pretty powerful. And so we're taking the steps to kind of center on that and being ready for the economic recovery.And Bryan, the one thing I would add to kind of follow on and echo Frank's comment. Let me provide a few examples of how our solutions are helping our clients navigate these uncharted waters.Through both our Clover platform and our financial institution clients, we've processed tens of thousands of loans to enable small businesses to share in PPP funding. We've seen more usage of mobile deposit, we've seen more usage of digital transfer, we see more usage of Zelle. Dave, it's Bob.
Fiserv Inc (FISV) Q3 2019 Earnings Call Transcript FISV earnings call for the period ending September 30, 2019.
And we are seeing ways in which we think we can switch some of the cost structure from more fixed to variable, do different things so that when the revenue comes back, that, over time this is not a 2020 thing, but over time, we'll see an even bigger pickup in long-term margin accretion, which, as you know, is something that Fiserv has been famous for, for a long, long time.Thank you, and congrats to both of you, Jeff and Frank.I guess, to start off, Bob, if we can go back to that commentary in merchant around the transaction volume now down, I think, sort of low double digits, so a big improvement there. We are seeing synergy opportunities grow as the market explorers the benefits of new Fiserv, which we believe will lead to incremental revenue growth in 2020 and beyond.For original Fiserv, integrated sales was up 41% sequentially and up 5% for the year. I'd vote for you.Dave, right now, I just want to I want to do a great job on this quarterly call.There we go. And we're also seeing -- I would have anticipated or I did anticipate that we would see smaller banks take the lead.
And I think that will turn into a good solid growth for us as a company.Frank, why don't you take the synergy timing question?Yes. Although sales activity has slowed due to the COVID disruption, interest remains very high with nearly 400 institutions in the pipeline. Our engagement model is at an all-time high with an enhanced focus on daily client service requests and prioritizing resources. But EBIT was down, I think, $60 million. So all of that, I think, stokes the desire for institutions to do more. Thank you. So, Dave, I would say that, as Bob talked about, we will be moving away from our traditional segment structure and we'll move to new segmentation, and we would expect each of those areas to continue to grow. We've always only talked about percent growth. And I think you see it in the growth in the merchant numbers that we have in total.And I think, Kartik, one of the things that's interesting when you dig in and look at the data is you -- not only is Clover really an attractive vehicle in the acquiring market, but the fact is that we see better retention. And one of the great things about that is we were worried what might happen when the market frees up and what we saw is very strong growth. Founded in 1993 by brothers Tom and David Gardner, The Motley Fool helps millions of people attain financial freedom through our website, podcasts, books, newspaper column, radio show, and premium investing services.Welcome to the Fiserv 2019 Fourth Quarter Earnings Conference Call. We happen to have leading market positions in each of those verticals as well as a very well-structured geographic presence that, prior to this crisis, was growing very significantly.
Maybe we can just talk a little bit about the algorithm, the rough algorithm to get us there.
This strategy will continue to serve our shareholders, associates and clients extremely well for the long term.
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