Finovifi, an Alabama-based provider of AI-powered fintech solutions for community banks, has acquired Modern Banking Systems (MBS), a core processing company based in Omaha, Nebraska.
The acquisition also includes Modern Banking Systems of Alabama (MBSAL), a long-time distributor of MBS solutions in the Southeastern US, headquartered in Alabama.
The acquisition will integrate Finovifi’s AI-driven banking operations, cloud-native solutions, and API connectivity with MBS’s platform, aiming to enhance compliance, real-time payments, and overall banking capabilities.
“I am incredibly proud of what we’ve built at Modern Banking Systems over the years, serving community banks with technology that empowers them to thrive,”
said Mike Cronin, CEO of Modern Banking Systems.
“Joining forces with Finovifi is the perfect next step for the company’s legacy, as their innovative vision and commitment to customer success align perfectly with our values.”
Finovifi offers solutions such as FraudSentry, FraudXchange, SilverSafe, and ComplyPilot, which focus on fraud prevention, compliance, and operational security.
These will be integrated into MBS’s offerings.
“This acquisition represents a unique opportunity to bridge the gap in the market for technology-led, market-relevant solutions that help banks not only survive but thrive,”
said Russell Taylor, president of Finovifi.
“By leveraging our expertise and focus on innovation, we aim to reestablish MBS as a trusted partner in enabling banks to retain and grow their market share while staying at the forefront of industry trends.”
MBSAL has provided core processing, hardware and software support, installation, and sales to banks across Alabama, Mississippi, Georgia, Tennessee, and Arkansas for over 44 years.
Russ Smith, owner of MBSAL, will remain with Finovifi following the acquisition.
Featured image credit: edited from freepik
