BIRMINGHAM, Ala., Feb. 6, 2025 /PRNewswire/ — Finovifi, a leading provider of AI-powered fintech solutions for community banks, is proud to announce its acquisition of Modern Banking Systems (MBS) headquartered in Omaha, Nebraska. With over 50 years of expertise in core processing, MBS has been a trusted partner to banks nationwide. Under Finovifi’s stewardship, the brand will evolve to meet the dynamic needs of today’s financial institutions.
The acquisition marks a significant milestone in Finovifi’s mission to deliver cutting-edge, customer-centric solutions that empower banks to differentiate, enhance customer experience, and strengthen their brands. This transformation will integrate AI-driven banking operations, secure cloud-native solutions, and seamless API connectivity with enhanced compliance and real-time payment capabilities, positioning banks to meet the demands of modern customers.
“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.”
At the heart of Finovifi’s strategy is its commitment to “building the solutions our banks need.” This philosophy is evident in Finovifi’s existing suite of solutions, including FraudSentry, FraudXchange, SilverSafe, and ComplyPilot, which are already empowering financial institutions to combat fraud, ensure compliance, and safeguard their operations. By integrating these capabilities with MBS’s platform, Finovifi will deliver unparalleled value to its customers.
“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.”
In addition to acquiring Modern Banking Systems, Finovifi has also acquired Modern Banking Systems of Alabama (MBSAL), a long-time distributor of MBS solutions in the Southeastern U.S. For over 44 years, MBSAL has provided core processing, hardware and software support, installation, and sales to banks across Alabama, Mississippi, Georgia, Tennessee, and Arkansas.
“Modern Banking Systems of Alabama has built deep relationships with community banks, providing them with technology and support tailored to their needs,” said Russ Smith, owner of MBSAL. “Finovifi’s vision for innovation and growth ensures that our customers will continue to receive best-in-class solutions while also benefiting from new AI-driven advancements.”
Russ Smith will remain with Finovifi following the acquisition, bringing his decades of expertise and customer relationships to help lead the company’s growth in the region.
Finovifi’s leadership team brings decades of experience in fintech, banking, and technology innovation. The team is well-equipped to lead MBS into a new era of vitality and innovation.
About Finovifi
Founded by long-tenured fintech executives, Finovifi specializes in delivering flexible and innovative solutions that address the unique challenges faced by community banks. With a focus on service agility, customer-centric design, and cutting-edge technology, Finovifi is committed to enabling financial institutions to navigate an increasingly competitive landscape. For more information, visit finovifi.com.
About Modern Banking Systems
Modern Banking Systems has been a trusted name in banking software for over 50 years, offering core processing solutions designed to support banks. The company’s legacy of reliability and service excellence will now be complemented by Finovifi’s commitment to innovation and growth. For more information, visit modernbankingsystems.com.
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SOURCE Finovifi
