AI-Driven Fintech Solutions provider Finovifi has taken over Modern Banking Systems (MBS) in Nebraska, USA.
Finovifi, which is suitable for community banks, did not reveal the price it paid for the purchase.
MBS is based in Omaha and has more than five decades of core processing expertise and serves as a partner for banks throughout the country.
MBS CEO Mike Cronin said: “I am incredibly proud of what we have built on modern banking systems over the years and I serve community banks with technology that enables them to thrive.
“The joining forces with Finovifi is the perfect next step for the inheritance of the company, because their innovative vision and dedication to customer success perfectly match our values.”
The integration of Finovifi’s series of solutions, including fraud, fraudxchange, Silversafe and Complypilot with the MBS platform, is expected to offer increased value to customers.
According to Finovifi, the merger introduces AI-based banking activities, secure cloud-native solutions and API connectivity, all extensively expanded by improved compliance and real-time payment options.
In addition, Finovifi has also taken over modern banking systems from Alabama (MBSAL), a long-term distributor of MBS solutions in the southeastern US.
With more than four decades of service, MBSal played an important role in offering core processing, as well as hardware and software support, installation and sales to banks in Alabama, Mississippi, Georgia, Tennessee and Arkansas.
Finovifi President Russell Taylor said: “This acquisition offers a unique opportunity to bridge the gap in the market for technology-led, market-ranted solutions that help banks not only survive but thrive.
“By using our expertise and concentrating on innovation, we want to restore MBS as a trusted partner to enable banks to maintain and grow their market share while we stay paramount in industrial trends.”
“Finovifi buys the American banking business company Modern Banking Systems” was originally made and published by Retail Banker International, a Global Data brand.
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