FORT LAUDERDALE, Fla. – May 24, 2022. Velocity Solutions announces its new VelocityScore™, a proprietary feature that calculates a score indicating an account holder’s ability to repay the liquidity extended to consumers by their community bank or credit union. This new feature is being released with the launch of Velocity’s Consumer Liquidity Engine™ that helps community banks and credit unions empower their account holders with a choice of responsible and affordable consumer liquidity solutions.
The VelocityScore™:
- Is calculated by Velocity Solutions’ proprietary algorithm using alternative data and automated underwriting that analyzes account holders’ ability to repay the liquidity extended to them.
- Determines the available buying power of a responsible alternative to “Buy Now Pay Later” services, which often lead to heavy debt. With responsible alternatives, consumers can continue to work with their trusted bank or credit union in times of cash flow needs.
- Provides a valuable metric that community financial institution executives can use to assess the overall liquidity exposure of their account holders at any given time.
- Is a dynamic calculation that automatically adjusts over time based on account holders’ deposit activity and transactional behavior.
“This is just one of many steps in our effort to completely revolutionize consumer liquidity management,” said Christopher Leonard, CEO of Velocity Solutions. “There are no other fintechs in our space offering this unique metric that provides a daily snapshot of short-term liquidity risk for community banks and credit unions using alternative data. Our ultimate goal is to empower our community financial institution clients and their account holders with the most responsible and compliant liquidity management solutions.”
To learn more about Velocity’s Consumer Liquidity Engine™, click here.
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.