Finovifi acquires Modern Banking Systems to expand core banking capabilities
Finovifi, a provider of AI-powered fintech solutions for community banks, has acquired US-based Modern Banking Systems (MBS) for an undisclosed sum.
Finovifi acquires Nebraska’s Modern Banking Systems
Founded in 1964, MBS offers real-time core banking software solutions, and serves community banks nationwide from its headquarters in Omaha, Nebraska.
The acquisition will see the vendor’s platform integrate with Finovifi’s suite, which includes anti-fraud solutions FraudSentry, FraudXchange and SilverSafe, as well as compliance tools ClearKYC and ComplyPilot.
According to Finovifi, this will enrich the suite with AI-driven banking operations, secure cloud-native solutions, and API connectivity with “enhanced compliance and real-time payment capabilities”.
The deal also includes the acquisition of Modern Banking Systems of Alabama (MBSAL), an MBS distribution partner that has provided core processing, hardware, software, installation and sales support to south-eastern US clients for over 44 years.
MBSAL owner Russ Smith will now join Finovifi, along with the MBS team, to bring “his decades of expertise and customer relationships to help lead the company’s growth in the region”.
Finovifi president Russell Taylor, who formerly led operations in North America for Temenos, says the deal represents an opportunity to “bridge the gap in the market for technology-led, market-relevant solutions”, while revealing plans to “re-establish MBS as a trusted partner in enabling banks to retain and grow their market share”.
Finovifi previously operated as the DarkDefend division of ThreatAdvice, but was rebranded in December following the sale of ThreatAdvice’s managed services unit and cybersecurity assets to IT service provider Magna5.
