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Tyler (TYL) Equips FDC With its Digital Payment Solution
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Tyler Technologies (TYL - Free Report) recently equipped the Florida Department of Corrections (“FDC”) with its payment and deposit solutions to manage money transfer services for correctional facilities throughout Florida.
This solution is set to replace FDC's paper-based processes with digital ones, broadening disbursement services, enhancing court-ordered payments, providing more resources for inmates to reduce recidivism and minimizing fees for families sending funds.
This collaboration improves the inmate trust management life cycle, including deposits, fund disbursement and court-ordered payment.
Powered by Amazon’s (AMZN - Free Report) cloud division, Amazon Web Services, the platform will be able to leverage the cloud ecosystem to smoothen the operations and enable instant and secured transfer of funds from the inmate’s guardians.
The platform will enable depositors to send funds to their wards using an app, online transaction or a secure lockbox. The fund can be availed by the respective inmates through a commissary account on a prepaid debit card.
Adoption of Digital Payment Solution Aids Tyler’s Growth
Tyler is benefiting from its unified payment strategy in its Digital Solutions division, which has resulted in 288 new payment deals in the first quarter of 2024, adding significant value to its business model.
TYL also benefits from public and federal organizations subscribing to its offerings. So far this year, the company has expanded its customer base by adding institutions like the Guam Department of Corrections, Illinois Police Department, Texas Office of Court Administration, Rhode Island Department of Business Regulation and City of Edina. The public and federal organizations that go for multi-year deals provide stable and consistent revenue streams.
However, its near-term growth prospects are likely to be hurt by delays in the procurement process and lengthening sales cycles amid macroeconomic headwinds. Also, many of its customers are expected to face budget pressures in the near term. High investments in R&D initiatives are likely to hurt margins while intensifying competition is expected to keep pricing under pressure in the near term.
Zacks Rank and Other Stocks to Consider
Currently, Tyler carries a Zacks Rank #2 (Buy), while Amazon has a Zacks Rank #3 (Hold). Shares of TYL and AMZN have returned 23.1% and 68.2%, respectively, over the past year.
The Zacks Consensus Estimate for AppFolio’s 2024 earnings per share has been revised upward by 13 cents to $3.97 in the past 30 days. Shares of APPF have surged 81.3% in the past year.
The Zacks Consensus Estimate for GOOGL’s 2024 earnings per share has been revised upward by 80 cents to $7.57 in the past 30 days. Shares of GOOGL have jumped 44.4% in the past year.
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Tyler (TYL) Equips FDC With its Digital Payment Solution
Tyler Technologies (TYL - Free Report) recently equipped the Florida Department of Corrections (“FDC”) with its payment and deposit solutions to manage money transfer services for correctional facilities throughout Florida.
This solution is set to replace FDC's paper-based processes with digital ones, broadening disbursement services, enhancing court-ordered payments, providing more resources for inmates to reduce recidivism and minimizing fees for families sending funds.
This collaboration improves the inmate trust management life cycle, including deposits, fund disbursement and court-ordered payment.
Tyler Technologies, Inc. Price and Consensus
Tyler Technologies, Inc. price-consensus-chart | Tyler Technologies, Inc. Quote
Powered by Amazon’s (AMZN - Free Report) cloud division, Amazon Web Services, the platform will be able to leverage the cloud ecosystem to smoothen the operations and enable instant and secured transfer of funds from the inmate’s guardians.
The platform will enable depositors to send funds to their wards using an app, online transaction or a secure lockbox. The fund can be availed by the respective inmates through a commissary account on a prepaid debit card.
Adoption of Digital Payment Solution Aids Tyler’s Growth
Tyler is benefiting from its unified payment strategy in its Digital Solutions division, which has resulted in 288 new payment deals in the first quarter of 2024, adding significant value to its business model.
TYL also benefits from public and federal organizations subscribing to its offerings. So far this year, the company has expanded its customer base by adding institutions like the Guam Department of Corrections, Illinois Police Department, Texas Office of Court Administration, Rhode Island Department of Business Regulation and City of Edina. The public and federal organizations that go for multi-year deals provide stable and consistent revenue streams.
However, its near-term growth prospects are likely to be hurt by delays in the procurement process and lengthening sales cycles amid macroeconomic headwinds. Also, many of its customers are expected to face budget pressures in the near term. High investments in R&D initiatives are likely to hurt margins while intensifying competition is expected to keep pricing under pressure in the near term.
Zacks Rank and Other Stocks to Consider
Currently, Tyler carries a Zacks Rank #2 (Buy), while Amazon has a Zacks Rank #3 (Hold). Shares of TYL and AMZN have returned 23.1% and 68.2%, respectively, over the past year.
Some other top-ranked stocks from the broader technology sector are AppFolio (APPF - Free Report) and Alphabet (GOOGL - Free Report) , each sporting Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for AppFolio’s 2024 earnings per share has been revised upward by 13 cents to $3.97 in the past 30 days. Shares of APPF have surged 81.3% in the past year.
The Zacks Consensus Estimate for GOOGL’s 2024 earnings per share has been revised upward by 80 cents to $7.57 in the past 30 days. Shares of GOOGL have jumped 44.4% in the past year.