FORT LAUDERDALE, Fla. – May 18, 2022. Velocity Solutions has launched its Consumer Liquidity Engine™ to help community banks and credit unions empower their account holders with a choice of responsible and affordable short-term liquidity solutions. The Consumer Liquidity Engine™ is powered by the Velocity Intelligent Platform®, an innovative, machine-led banking management system, and offers a variety of flexible overdraft options and affordable short-term loans.
Some of the highlights of Velocity’s Consumer Liquidity Engine include:
- The VelocityScore™: The VelocityScore™ is a proprietary feature that calculates a score indicating an account holder’s ability to repay short-term small-dollar liquidity, based on alternative data and automated underwriting.
- Empowering Consumers: Through Velocity’s partnership with DoubleCheck, financial institutions have the option to send alerts to account holders when there are insufficient funds, empowering them to choose which transactions are paid, which are returned, and whether to utilize another source of liquidity such as a small-dollar loan.
- Life Event/Emergency Loans: Velocity clients can offer small-dollar loans to their account holders for celebrating life’s events, managing emergency expenses or simply needing to bridge a gap between paychecks.
- Alternatives to “Buy Now, Pay Later” Services: Velocity’s Consumer Liquidity Engine allows financial institutions to offer safe and responsible alternatives to the growing trend of “Buy Now Pay Later” payment 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 issues.
- Synchronization of Products: When clients provide both overdraft and short-term loan options, Velocity’s Consumer Liquidity Engine extends a total liquidity limit across both solutions, based on an individual’s ability to repay. When one of the liquidity options is used, limits on the others are reduced by the amount outstanding. This eliminates additional liquidity exposure to the financial institution and the account holder.
“We are revolutionizing consumer liquidity management,” said Christopher Leonard, CEO of Velocity Solutions. “Consumers will always struggle with cash-flow issues and liquidity gaps, regardless of the economy. Community financial institutions will win when they serve their account holders in a way that is responsible, compliant and ensures that people have the ability to repay the liquidity that is provided to them so that they are responsibly able to use these services.”
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.