The finalization of new debit card regulations will likely provide a tailwind to bank technology spending later this year, according to the top executive of vendor Fiserv Inc. The company expects its clients will funnel more money toward software purchases as a result of rules, known collectively as the Durbin amendment, which the Federal Reserve Board shored up last month.
"Although sales cycles continued to be longer than they have been historically, we believe that finalization of the Durbin rules will allow financial institutions to make decisions that could positively impact IT spending this year," Jeffery Yabuki, the president and chief executive of Fiserv, told analysts on Tuesday after the company reported a 4.2% increase in second-quarter revenue.
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