FORT LAUDERDALE, Fla., August 14, 2018 – Velocity Solutions, LLC, the leading provider of revenue enhancement solutions to regional and community financial institutions, through a subsidiary, has completed the acquisition of CourtesyConnect®/CourtesyLimit™, the automated overdraft management system provided by CourtesyCloud Management Solutions, LLC, a BSG Financial Group™ company.
CourtesyConnect® is the industry’s first cloud-based courtesy overdraft management system. The software and processes allow financial institutions of all sizes to automate their overdraft service and manage it as a line of business – for enhanced account holder experience, compliance and revenue. CourtesyLimit™ is the risk management component of the system. It provides innovative data analysis capabilities to create dynamic overdraft limits tailored to an individual’s repayment capacity.
“This acquisition establishes Velocity Solutions as the industry’s unrivaled leader in automated overdraft management solutions using dynamic limits,” said Christopher Leonard, CEO of Velocity Solutions. “The addition of CourtesyConnect®/CourtesyLimit™ to our existing product suite creates the industry’s most powerful overdraft management product set. This acquisition allows us to provide our overdraft solutions to a broader base of financial institutions, including those who are seeking a cloud-based solution.” Leonard continued, “we are better equipped than ever to help financial institutions of all sizes achieve the optimal balance of revenue, service and compliance–the three essential pillars of a complete and proactive overdraft management system.”
“Velocity Solutions is a seasoned veteran in the overdraft space. For years, we’ve coexisted in the industry as peers, with very similar goals of offering compliant and consumer-centric solutions, developing consultative relationships with our clients, and continuous innovation of our software, systems and processes,” said W. Barrett Nichols, Founder and Chief Executive Officer of BSG Financial Group. “This acquisition creates the opportunity to provide enhanced overdraft product offerings and unrivaled service to our combined client base, as well as to prospective financial institutions. With Velocity’s existing suite of products, strong leadership team, and focus on responsible solutions using innovative technology, they are well-positioned to leverage the acquisition of CourtesyConnect®/CourtesyLimit™ to solidify their position as the industry’s leading overdraft management provider.”
For more information, please contact Velocity Solutions at info@myvelocity.com.
About Velocity Solutions, LLC
Velocity Solutions is the leading provider of digital revenue enhancement solutions to regional and community banks and credit unions. Founded in 1995 and servicing the transaction accounts of over 25 million consumers and business owners, Velocity has unparalleled expertise and insight into deposit account activity and transactional trends. Velocity’s solutions are designed to automate overdraft services, drive new profitable accounts, provide digital consumer and business lending platforms, generate new non-interest income, and address regulatory scrutiny. For more information, please visit www.myvelocity.com.
About BSG Financial Group
Louisville, Kentucky-based BSG Financial Group is a group of independently organized companies that provides revenue-enhancement and compliance solutions for financial institutions nationwide. BSG Financial Group has been a provider of innovative overdraft programs since 1999, including the industry’s first cloud-based overdraft management solution, CourtesyConnect®/CourtesyLimit™. The company’s additional revenue-enhancing solutions include: Fee-Based Packaged Checking Accounts; Digital Lending Solutions; Vendor Management; Social Media Management; and CD Pricing and Selling Strategies.
BSG Financial Group includes the following companies: CourtesyCloud Management Solutions, LLC; BSG Financial, LLC; and IQ Development, LLC. For more information about the company, visit www.bsgfinancial.com.