US fintech software provider CSI acquires Velocity Solutions
US fintech solutions provider CSI has acquired Velocity Solutions for an undisclosed sum as it looks to further expand its product offerings to “support financial institutions’ most significant sources of revenue”.
CSI buys Velocity Solutions
Established in 1995, Velocity specialises in providing account and deposit acquisition, customer engagement and retention solutions as well as software for serving consumer liquidity through overdraft management. It claims its technology currently services 30 million consumers and business owners globally.
CSI says Velocity’s deposit growth engine “helps institutions create a complete picture of the account holder’s experience, using data analytics and segmentation to drive engagement and sustainable revenue”, while its overdraft management solution “enables bankers to establish controls according to account behaviour and access a real-time dashboard that monitors the health of their overdraft program”.
Velocity was previously owned by private equity firm HIG Capital, which acquired the vendor in 2017.
CSI says its acquisition of Velocity “complements” its previous purchase of loan origination system Hawthorn River announced last December.
“Velocity’s data-driven approach to deposit management and its intelligent overdraft decisioning engine are each designed to deepen relationships with account holders while minimising risk exposure for financial institutions,” explains CSI CEO and president, David Culbertson.
Culbertson confirms that Velocity will now be integrated into CSI’s existing financial services suite, adding that the company is “eager to identify more opportunities” in differentiated financial software and technology solutions in the future.
