Company Research Report: Velocity Solutions

Company Overview

• Name: Velocity Solutions

• Mission of the Company: The company is focused on providing technology solutions that drive revenue, service, and compliance for community banks and credit unions, powered by the Velocity Intelligent Platform®.

• Founded: 1995

• Founders: No information is available

• Key People: No specific names or titles are mentioned among the executives or key personnel.

• Headquarters: PO Box 460939, Fort Lauderdale, FL 33346, USA

• Number of Employees: No information is available

• Revenue: No information is available

• Known For: The company is known for serving the transaction accounts of over 30 million consumers and business owners and is a leading provider of technology solutions that address the changing regulatory landscape, evolving technology, and consumer needs.

Products

Velocity Solutions offers a range of innovative solutions that support financial institutions in revenue generation, compliance, and consumer engagement. Below are the product offerings:

1. Velocity Intelligent Platform®

• Description: An industry-leading platform that uses data and analytics to manage risk, drive revenue, and engage account holders.

• Key Features:

• Powerful analytics for risk management

• Drive account holder engagement

• Support for revenue generation and loans

2. The Retail Performance Engine™

• Description: A digital tool that drives acquisition, onboarding, engagement, and retention of account holders.

• Key Features:

• Boosts low-cost core deposits

• Supports retention through strategic engagement

3. Consumer Liquidity Engine™

• Description: Offers innovative options for obtaining short-term liquidity.

• Key Features:

• VelocityScore™ for alternative credit scoring

• CashPlease® for quick access to loans

• Intelligent Limit System® using technology-driven customizable limits

4. Digital Business Lending Solutions (Akouba® and Akouba Micro)

• Description: Provides streamlined and efficient solutions for commercial and consumer loans.

• Key Features:

• Akouba® enhances loan speed and convenience through a secure cloud-based SaaS platform.

• Akouba Micro offers small-dollar business loans instantly with no credit check required.

5. My Rewards® Premium Cards

• Description: Generate revenue by tying premium rewards and benefits to debit cards.

• Key Features:

• Personalized reward offerings

• Integration with existing banking products

Recent Developments

• Recent Developments:

• September 18, 2024: CSI acquired Velocity Solutions as a leader in intelligent deposit growth and overdraft management software.

• July 9, 2024: Velocity Solutions delivered Section 1071 compliance to clients 1 year ahead of the deadline.

• New Products Launched:

• No information on brand new products launched recently.

• New Features Added:

• Continuous development in existing platforms such as updates to the Intelligent Limit System® and Akouba® platforms.

• Partnerships:

• Maintains memberships and endorsements such as being an ICBA Corporate Member and partnerships with the Bankers’ Bank of Kentucky.

This detailed company profile sheds light on Velocity Solutions’ strategic role in improving bank and credit union processes through data-driven, innovative solutions.