FIS is a financial technology company that sells software and processing services exclusively to financial institutions. FIS operates two core segments: Banking Solutions (~68% of revenue) and Capital Market Solutions (~30% of revenue). The Banking segment provides the core processing systems that run banks — managing customer accounts, deposits, and loans — alongside digital banking platforms, debit card processing, fraud management, and wealth solutions. Following its 2026 acquisition of Global Payments' Issuer Solutions business, FIS now also handles credit card issuing and processing, expanding its Banking segment by roughly 35% in revenue. The Capital Markets segment serves asset managers, broker-dealers, hedge funds, and corporate treasurers with software covering the full trade lifecycle, plus commercial lending, treasury, and regulatory compliance tools. FIS sells primarily through a direct enterprise sales force, entering long-term multi-year contracts with clients ranging from large global banks to community banks and credit unions. Over 80% of revenue is recurring, derived from processing fees tied to accounts and transaction volumes, software subscriptions, and platform fees. The underlying systems are deeply embedded in regulated bank workflows and expensive to replace, driving high-90s client retention. FIS is investing in three growth areas: digital banking, payments (including real-time and cross-border), and lending. The company also argues it holds a durable AI advantage, given its proprietary data set of over 1 billion accounts and 73 billion annual transactions across core banking, payments, and credit processing.