Jack Henry & Associates Inc. announced the acquisition of Victor Technologies, Inc., a cloud-native, API-first provider of innovative direct-to-core embedded payments solutions, from MVB Financial Corp. (Nasdaq: MVBF).   

The acquisition expands Jack Henry's capabilities in the rapidly growing Payments-as-a-Service (PaaS) market, in which financial institutions embed payment services into third-party, non-bank brands. The addition of Victor, which processes billions of dollars in payments monthly, provides Jack Henry's financial institution clients with enhanced capabilities to serve fintechs and commercial customers, grow deposits, and diversify revenue.

"This acquisition advances our technology modernization strategy to help banks and credit unions compete and win through innovative, cloud-native solutions," said Jack Henry President and CEO Greg Adelson. "Offering a proven, high-volume embedded payments platform that is highly scalable creates diverse revenue streams, enhances our capabilities, and provides more immediate opportunities to deliver emerging services like stablecoin."

The PaaS market is expected to grow from $19.1 billion in 2025 to $43.9 billion in 2029 at a compound annual growth rate (CAGR) of 23.1%, according to Research and Markets.

Founded in 2021 by Jack Henry core client MVB Bank, Inc., Victor is already integrated with Jack Henry's SilverLake core bank system and JHA PayCenter™. Jack Henry plans to expand Victor's capabilities to serve its Symitar^® credit union and Treasury Management platform clients, and integrate directly with the new, cloud-native Jack Henry Platform™.

Victor offers real-time payment processing and virtual ledgering functionality to help financial institutions serve fintechs and commercial customers across multiple payment types and vertical markets. Current capabilities include disbursements, receivables, cross-border, escrow, title, and e-commerce, with support for virtual accounts and digital wallets.

Victor's direct integration with Jack Henry's banking core gives financial institutions greater control and visibility, enabling near real-time reconciliation and reducing risk of overdrafts. The solution also provides a single source of truth for money movement and compliance reporting.