2021 & 2022 NAFCU Services Innovation Award Winner
Velocity Solutions offers comprehensive solutions designed to help your credit union:
- Acquire new accounts
- Activate & onboard accounts
- Drive account activity & engagement
- Deepen existing member relationships
- Increase non-interest income
- Manage consumer liquidity/overdraft services
- Provide affordable & convenient digital loans
About Velocity Solutions, LLC
Founded in 1995 and servicing the transaction accounts of over 30 million consumers and business owners, Velocity Solutions is the leading provider of technology solutions that drive revenue, service and compliance for community banks and credit unions. Our Velocity Intelligent Platform® powers all of Velocity’s solutions, using machine-led intelligence that delivers powerful analytics, manages risk, and drives revenue, loans, member engagement and non-interest income to our client financial institutions.
Our ability to swiftly and proactively develop innovative new solutions stems from our seasoned leadership team, allowing us to forge a true consultative relationship with our clients and help them succeed within the ever-changing economic, technological and regulatory environments.
Products and Services
Research has proven that consumers will pay a fee for benefits and services that are valuable to them. For years, credit card companies have successfully offered card-level perks and benefits, such as bonus rewards, cash back and travel perks, based on the consumer’s desired service level (e.g., gold card, platinum, diamond, etc.). Now, you can implement a fully-automated, tiered rewards checking program linked to the debit card that features services and perks for which consumers are willing to pay. Generate new revenue at no cost to your institution — in fact, Velocity writes you a check!
Chances are that your account holders are already paying fees for services such as roadside assistance, travel discounts, cell phone protection and more, representing revenue that your financial institution should be earning.
- Offer your members a debit card with rewards and benefits that parallel those attached to major credit cards
- Generate an incremental revenue stream with fees your account holders willingly pay
- Implement such a program without requiring additional resources from your team
See Velocity clients discuss their experiences with My Rewards® Premium Cards, a solution that redefines the debit card and drives transactional activity, member engagement and revenue for your credit union!
Intelligent Limit System® - Revolutionizing Consumer Liquidity Management
Covering short-term liquidity needs will always play a fundamental role in the banking system. The question is how to best serve consumers in a way that is responsible, compliant and ensures that people have the ability to repay the liquidity provided to them. And, even more importantly, community financial institutions will win when they allow consumers the choice of which short-term liquidity option makes best sense for them. Overdraft protection is a valuable and responsible service—when it’s done right.
That’s where Velocity’s Consumer Liquidity Engine™ comes in. Our proprietary algorithm assigns customized overdraft limits, based on your account holder’s ability to repay. Most overdraft programs offer the same overdraft limit to all of their customers or members, regardless of their transactional history or income. Intelligent Limit System dynamically adjusts the consumer’s limit up or down in response to transactional and deposit activity to assign an overdraft limit that the consumer is able to repay, mitigating risk to your financial institution and your account holders. Financial regulators are increasingly looking at ability to repay as the gold standard for short-term liquidity.
- Provide your members with individual limits based on their ability to repay
- Manage risk & decrease charge-offs
- Receive regular performance reviews & peer comparisons
- Easily integrates with all core systems
- Professional, ongoing training
See Velocity clients discuss their experiences with Intelligent Limit System®, the industry's only truly managed overdraft program.