Finovifi Expands Horizons: Acquires Modern Banking Systems and MBS Alabama for Enhanced Financial Solutions
In a significant move for the fintech sector, Finovifi, an innovative provider of AI-powered fintech solutions for community banks based in Alabama, has successfully acquired Modern Banking Systems (MBS), a core processing company located in Omaha, Nebraska. This acquisition marks a pivotal moment in enhancing banking technology for community banks across the Southeastern United States.
Details of the Acquisition
The acquisition extends to Modern Banking Systems of Alabama (MBSAL), a long-standing distributor of MBS solutions in the region. With this strategic partnership, Finovifi aims to integrate its advanced AI-driven banking operations, cloud-native solutions, and robust API connectivity with MBS’s existing platform.
Enhancing Banking Capabilities
This integration is set to deliver significant improvements in:
- Compliance: Ensuring that community banks adhere to regulatory requirements.
- Real-Time Payments: Facilitating faster and more efficient transactions.
- Overall Banking Capabilities: Enhancing operational efficiency and customer service.
Leadership Insights
Mike Cronin, CEO of Modern Banking Systems, expressed his pride in the company’s achievements, stating, “Joining forces with Finovifi is the perfect next step for the company’s legacy.” He emphasized how Finovifi’s innovative vision aligns with MBS’s commitment to customer success.
Finovifi’s portfolio includes cutting-edge solutions such as:
- FraudSentry: A tool designed for fraud prevention.
- FraudXchange: A platform focused on fraud detection and response.
- SilverSafe: Solutions aimed at safeguarding financial operations.
- ComplyPilot: Ensuring compliance for financial institutions.
These solutions will be seamlessly integrated into MBS’s offerings, enhancing their value proposition for community banks.
Future Prospects
Russell Taylor, president of Finovifi, highlighted the acquisition as a unique opportunity to fill the market gap for technology-led, relevant solutions that support banks in thriving rather than merely surviving. He stated, “By leveraging our expertise and focus on innovation, we aim to reestablish MBS as a trusted partner.”
Long-standing Presence in the Market
MBSAL has been a reliable provider of core processing, hardware and software support, as well as installation and sales to banks in Alabama, Mississippi, Georgia, Tennessee, and Arkansas for over 44 years. Following the acquisition, Russ Smith, owner of MBSAL, will continue to play a vital role within Finovifi.
For more about Finovifi’s innovative solutions and their impact on community banking, visit Finovifi’s website. You can also learn more about technological advancements in the banking sector through the American Bankers Association.
