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New Intelligent Limit System® Overdraft Management Interface DNAapp™ Eases Implementation for DNA™ Users

Posted August 26, 2014

New Intelligent Limit System® Overdraft Management Interface DNAapp™ Eases Implementation for DNA™ Users

FORT LAUDERDALE – Velocity Solutions announces the new ILS Interface DNAappTM now available for download in the DNAappstore™ and developed by Greylock Technology Group (GTG), a Service Organization within Greylock Federal Credit Union.

The Intelligent Limit System® (ILS) is an overdraft management and reporting system that provides financial institutions with automated tools and technology to manage overdraft services as a line of business, while better serving consumers and meeting expectations for regulatory compliance.

Greylock Technology Group provides custom programming, training and DNAapp development for financial institutions that use DNATM , an innovative core processing platform serving the financial industry. GTG has created and will sell the ILS Interface DNAapp to other institutions that use the DNA account processing platform through the DNAappstoreTM , an online marketplace for custom DNA extensions. The ILS Interface creates four required files daily by extracting certain data from DNA.

Mike Triggiano, Executive Vice President of Velocity Solutions, said, “ILS sets overdraft limits at the checking account level and has robust messaging and reporting capabilities. ILS ensures compliance with regulatory agencies’ overdraft guidance and maintains industry-leading best practices, while also providing the flexibility to meet future needs for the financial institution.  The ILS Interface will allow financial institutions using DNA to easily create the files necessary to use the Intelligent Limit System.”

Kevin Zimmer, CEO of Greylock Technology Group, added, “Velocity Solutions® has been an important partner of Greylock Federal Credit Union for five years.  The creation of a DNAapp that allows other financial institutions to share our interface is a valuable achievement by Greylock Technology Group, and one that we hope will create numerous efficiencies for institutions who are adopting ILS and those already utilizing the system.”

The ILS Interface app is available in both trial and paid versions through the DNAappstore:
http://www.dnaappstore.com/velocity-ils-interface.html

About Velocity Solutions, Inc.
Founded in 1995 and managing nearly fifteen million transaction accounts, Velocity Solutions® is the leading provider of revenue enhancement solutions to regional and community banks and credit unions.   Velocity’s solutions are designed to drive new accounts, increase transactional activity in existing accounts, generate additional fee income, increase account holder retention and address regulatory scrutiny.  For more information, please visit:  www.myvelocity.com

About Greylock Federal Credit Union
Greylock membership is open to anyone who lives, works, attends school, worships or regularly conducts business in Berkshire County, Massachusetts. With assets over $1 billion, Greylock Federal is wholly owned by its more than 70,000 members and offers full-service branches in Pittsfield, Great Barrington, Lee, Adams, North Adams, Williamstown and Lanesborough. Greylock’s family of businesses includes Greylock Insurance Agency, Greylock Investment Group, Greylock Marketing Group, Greylock Technology Group, and Greylock’s Employee Benefits Services. More information is available online at www.greylock.org.

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