FIS
#Well, it's still too early to say what that's going to mean for us.
We were glad to see the announcement, and we think it bring some traction to MCX.
As you said, they've appeared to make good progress through the pilot.
As we mentioned earlier, we are in our minimums period now.
That started in October.
And so at this point, we're going to continue to monitor MCX and see what happens.
But we do think the announcement ---+ we were glad to see that MCX is back in the news.
And hopefully, it drives some significant transaction growth over the years.
Thank you.
Yes.
At this point, we don't know exactly how it's all going to work, but yes, we are assuming that's true.
To be specific, <UNK>, we don't anticipate Chase pay, right now based on preliminary information to be a significant tailwind for revenue.
Correct.
I will try to add some color.
We spent a little bit of time with that, at the announcement day deck, and I think there are some slides that might be helpful.
SunGard is about 36% of their revenue is outside the US.
For us, for FIS it's about 22% combined, based on the scale of the two models.
It'll be about 25% outside the US.
In terms of where it is, they have a more significant presence in Europe, which is complementary to where we are from a size perspective.
They have a small Latin America presence, where we have a pretty large Latin America presence.
And to be clear, that's probably one of the most significant macro-economic headwinds that we've got, where currency for Brazil was down 17% since July, since we announced previously.
So we've got pretty good exposure there, from terms of revenue growth.
They do have a significant presence in Asia-Pacific, but it's blended across a number of different countries.
So hopefully that will add ---+ give you some color as to where it's at.
Net-net, it should increase our international exposure around 4% to 5%.
Well, we are excited about the clearinghouse relationship, as we are with any sale.
I think it's early to talk about the tailwind that it might provide on our revenue stream.
But certainly, we are going to be working very closely with them, to move real-time payments into their environment, and we'll bring more to bear on that as the project moves along.
All right.
Thank you.
<UNK>, your second question came through very garbled on the second half of the question.
I think your first part of the question was, services related to macro-economic trends or more around regulatory influence, I think was the first part of your question.
But your (multiple speakers).
Yes, so let me address the first.
I think obviously, we continue to see increased regulatory demand across the globe.
And that's not only in large financial institutions, that's even in community and regional institutions.
So certainly regulatory is a top-of-the -mind conversation in any engagement we have today, and we're obviously seeing that influence demand across the board.
Do I think regulatory is specifically related to some of the professional service slowness that we're seeing.
I don't, at this point in time.
I think it's much more just a macro-economic an issue.
And I think some of our larger institutions, you see them announcing all the time, big cost-cutting initiatives et cetera.
And I think they are looking for ways to do that.
When you look at SunGard, I don't think it changes the way we think about our go-to-market.
SunGard is much more IP-centric, very much like traditionally FIS.
But they don't have as large of a PS business as what we're seeing in the global.
So it's going to be complementary, so it might dilute some of our professional services percentages in the aggregate.
But we're going to be very focused on bringing world-class wholesale products to market.
And so, combining that with our go-to-market sales force, we think the combination will be very beneficial.
No.
I don't think that's the case.
I think the typical trends that we've seen in terms of fourth-quarter will continue, however, the softness in the PS will mute that down.
That coupled with currency, are going to keep us at that sort of flat level.
We will be below what we anticipated in terms of constant currency.
But again, I think that's primarily PS related, and not associated with capital budget spending, or ultimately flush in capital budgets.
So the product business, the underlying business, as you kind have heard most of us, still continues to be relatively robust, or operating effectively, just seeing some softness in the professional services side.
Thank you for your questions today, and for your continued interest in FIS.
I would like summarize by saying that we believe in our business strategy.
It's a long-term strategy that has consistently driven year-over-year performance results over the last several years.
Our deep focus in investment and financial services is allowing us to lead change in the industry.
We offer the solutions and services that are making our clients businesses run efficiently, while at the same time providing them the opportunity to grow and differentiate themselves in an ever more competitive and strenuous regulatory environment.
I would like to thank our clients for their loyalty, and the more than 42,000 employees around the world who are committed to serving and empowering those clients each and every day.
And I look forward to welcoming the employees of SunGard to our combined company in a few weeks.
