Velocity Solutions’ Consumer Liquidity Engine™ Selected as a Winner in NAFCU’s 2022 Innovation Awards
FORT LAUDERDALE, Fla.–(BUSINESS WIRE)–#ConsumerLiquidity–Velocity Solutions announces that its Consumer Liquidity Engine™ has been selected as one of the winners in NAFCU’s 2022 Innovation Awards. The Innovation Awards is an annual program presented by NAFCU Services that honors the transformational and valuable contributions to the credit union industry. All entries are evaluated by a panel of top executives and members of the media based on the degree of innovation and impact on credit union success.
The Velocity Solutions Consumer Liquidity Engine™ is a suite of products that seamlessly work together to empower financial institutions and their account holders, while mitigating risk for both. The Consumer Liquidity Engine is composed of:
- Velocity’s Intelligent Limit System® for responsible, managed overdraft limits
- Velocity’s CashPlease®, an automated small-dollar consumer loan platform
- Velocity’s Reg. E Management tools to assist with Reg. E education and communication
- The proprietary VelocityScore™, an alternative credit score that enhances unsecured consumer borrowing power
The Consumer Liquidity Engine™ functions across these solutions to extend a total liquidity limit to the account holder—a capability that no other fintech in the industry can provide. Using the proprietary VelocityScore™, the Engine will automatically deduct the amount of a short-term loan from the account holder’s overdraft limit, or conversely, calculate a maximum loan offer from the liquidity balance not currently used for overdraft. This prevents both the financial institution and the consumer from being exposed to unnecessary risk.
“We are absolutely thrilled to win NAFCU Innovation Awards two years in a row,” said Steve Swanston, EVP of Velocity Solutions. “Last year, one of our flagship technology products, Account Revenue Solution®, was selected as a winner. This year’s win is especially gratifying, due to the preponderance of negative press published about overdraft protection and fees over the past year. We’ve felt confident from the start that our Consumer Liquidity Engine addressed many of the negative points circulating throughout the media, and introduced the first technology of its kind to the credit union space. And now it has been publicly endorsed by NAFCU, a prestigious organization that provides the best federal advocacy, education and compliance assistance to credit unions. It doesn’t get better than that.”
“Congratulations to Velocity Solutions for winning a 2022 Innovation Award! Just as importantly, I want to thank them for their ongoing ingenuity and cutting-edge product development focused on credit unions. Consumer expectations are higher than ever for fast, convenient, engaging experiences when they borrow, spend, or save their money. These Innovation Awards showcase what the leading companies are doing to help credit unions meet those demands. We take pride in knowing that our vetted partners, including great companies like Velocity Solutions are always working to make our industry stronger.” – Randy Salser, President, NAFCU Services
To see the complete list of finalists and winners in NAFCU’s 2022 Innovation Awards, visit: https://www.nafcu.org/innovationawards
To learn more about Velocity Solutions’ Consumer Liquidity Engine™, visit www.myvelocity.com/CLE.
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, account holder engagement and non-interest income to our client financial institutions. For more information, please visit myvelocity.com.
Contacts
Beth Planakis
Director of Marketing
954-847-5812
[email protected]
