In a significant move to bolster its presence in the financial technology sector, Finovifi, an AI-powered FinTech solutions provider for community banks, has announced the acquisition of Modern Banking Systems (MBS). With over 50 years of experience in core processing, Omaha-based MBS has served banks nationwide with unparalleled expertise. This acquisition marks an essential step for Finovifi, as it aims to integrate AI-driven operations, secure cloud-native solutions, and seamless API connectivity to address the dynamic needs of modern banking institutions. Additionally, this integration is set to enhance compliance and real-time payment capabilities, equipping banks to meet contemporary customer demands.
Strategic Vision and Integration
MBS’s Legacy and Future with Finovifi
Mike Cronin, the CEO of MBS, expressed immense pride in the company’s longstanding history and optimism regarding this new chapter with Finovifi. He highlighted the strong alignment of Finovifi’s innovative vision with the core values that MBS has upheld for decades. The acquisition is not just about business expansion; it’s about evolving the MBS brand in a way that respects its legacy while positioning it for future advancements. Finovifi’s approach and the introduction of their advanced suite of solutions are set to bring significant value to its existing customers.
Currently, Finovifi’s suite of solutions, including FraudSentry, FraudXchange, SilverSafe, and ComplyPilot, empowers financial institutions by combating fraud, ensuring compliance, and safeguarding operations. The integration of these solutions with the MBS platform promises to deliver enhanced security and operational efficiency. This alignment is poised to benefit banks substantially, offering them tools that are not only advanced but also crucial in the modern digital banking environment. The new capabilities resulting from the integration will be pivotal in helping banks retain their competitive edge.
Offering Market-Relevant Solutions
Russell Taylor, President of Finovifi, sees the acquisition as a strategic opportunity to deliver market-relevant solutions that drive banks’ success. He emphasized the goal of reestablishing MBS as a trusted partner to financial institutions, enabling them to retain and grow market share while staying ahead of industry trends. Taylor’s vision includes leveraging AI and machine learning to develop solutions that anticipate and resolve the evolving challenges faced by banks today. His commitment is to ensure that banks not only meet regulatory requirements but also surpass customer expectations with enhanced service offerings.
The focus will be on developing and deploying solutions that seamlessly integrate with existing systems, reducing implementation hurdles and ensuring a smooth transition. By doing so, Finovifi aims to minimize disruption to banking operations while maximizing the benefits of AI and cloud-native technologies. The mission is clear—to provide community banks with the tools necessary to thrive in an increasingly competitive and technologically advanced financial landscape. The ultimate objective is not only to enhance operational efficiency but also to drive innovation and transformation in the banking sector.
Expanding Footprint with MBSAL
MBSAL’s Contribution and Continued Excellence
Further enhancing its strategic position, Finovifi has also acquired Modern Banking Systems of Alabama (MBSAL). This acquisition is another feather in Finovifi’s cap, considering MBSAL’s longstanding reputation in the Southeastern U.S. For over 44 years, MBSAL has provided core processing services, along with hardware and software support, installation, and sales to banks across Alabama, Mississippi, Georgia, Tennessee, and Arkansas. Russ Smith, the owner of MBSAL, acknowledged the significance of this acquisition and expressed confidence that Finovifi’s vision ensures continued delivery of best-in-class solutions while introducing AI-driven advancements to their customers.
MBSAL’s deep understanding of the regional banking landscape, combined with Finovifi’s innovative capabilities, is expected to create a synergy that will benefit all stakeholders. The merger symbolizes the blending of traditional banking values with modern technological advancements. This integration will allow banks in the Southeastern U.S. to access the latest in AI-powered solutions, enhancing their operational efficiencies and customer service capabilities. The acquisition is a testament to Finovifi’s commitment to expanding its footprint and bringing its transformative solutions to a broader market.
Future Prospects and Innovation
In a major move to strengthen its position in the financial technology industry, Finovifi, a provider of AI-powered solutions for community banks, has announced its acquisition of Modern Banking Systems (MBS). With over 50 years of experience in core processing, MBS, based in Omaha, has consistently offered top-notch services to banks across the nation. This acquisition represents a crucial phase for Finovifi, concentrating on integrating AI-driven processes, secure cloud-native solutions, and seamless API connectivity to meet the evolving needs of modern banking institutions. Moreover, the integration aims to improve compliance and real-time payment capabilities, thereby allowing banks to better cater to the demands of contemporary customers. This strategic move is expected to enhance Finovifi’s ability to deliver innovative, scalable solutions while maintaining a high level of security and efficiency for its clients.
