Finovifi, which caters to community banks, did not reveal the price it paid for the purchase. Credit: Shutter z/Shutterstock.

AI-driven fintech solutions provider Finovifi has acquired Modern Banking Systems (MBS) in Nebraska, US.

Finovifi, which caters to community banks, did not reveal the price it paid for the purchase.

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Based in Omaha, MBS has over five decades of core processing expertise and serves as a partner for banks across the nation.

MBS CEO Mike Cronin said: “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.

“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.”

The integration of Finovifi’s suite of solutions, including FraudSentry, FraudXchange, SilverSafe, and ComplyPilot with MBS’s platform, is expected to offer increased value to clients.

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According to Finovifi, the merger will introduce AI-based banking operations, secure cloud-native solutions, and API connectivity, all augmented by improved compliance and real-time payment capabilities.

Furthermore, Finovifi has also acquired Modern Banking Systems of Alabama (MBSAL), a long-standing distributor of MBS solutions in the Southeastern US.

With more than four decades of service, MBSAL has been instrumental in providing 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 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.

“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.”