US-based banking technology provider Jack Henry has acquired Victor Technologies from MVB Financial Corp. to expand its Payments-as-a-Service (PaaS) capabilities and reinforce its position in the embedded payments market.

MVB Financial Corp. completed the sale on September 30. While terms of the acquisition were not disclosed, MVB anticipates generating a pre-tax gain of approximately $33 million from the transaction. MVB stated that this transaction offers greater flexibility to pursue certain balance sheet and capital management strategies, which may include repositioning a portion of its available-for-sale securities portfolio, engaging in share repurchases, and/or implementing other capital and earnings optimization strategies aimed at enhancing shareholder value over time.

Victor Technologies was created in 2021 by MVB Bank, a client utilizing Jack Henry’s core banking systems. The platform enables banks to offer embedded payment services directly to fintech companies and commercial customers, processing billions of dollars each month, according to Jack Henry.

Victor’s current capabilities encompass disbursements, receivables, cross-border payments, escrow, title management, and e-commerce, with support for virtual accounts and digital wallets. The technology is already integrated with Jack Henry’s Silverlake core banking system and JHA PayCenter. Jack Henry plans to further expand Victor’s services to Symitar clients and integrate the technology with its core banking platform.

This acquisition builds upon Jack Henry’s earlier purchase of Payrailz in 2022. That acquisition enabled Jack Henry to develop its PaaS strategy with embedded capabilities across real-time person-to-person (P2P), account-to-account (A2A), and business-to-customer (B2C) payments.