FORT LAUDERDALE, Florida–(BUSINESS WIRE)–Velocity Solutions announces that its Consumer Liquidity Engine™ has been selected as one of the winners of the 2022 NAFCU Innovation Awards. The Innovation Awards is an annual program presented by NAFCU Services that honors transformational and valuable contributions to the credit union industry. All entries are evaluated by a panel of senior executives and members of the media based on the degree of innovation and impact on the success of credit unions.
Velocity Solutions Consumer Liquidity Engine™ is a suite of products that work together seamlessly to hold financial institutions and their account holders accountable, while mitigating risk for both. The Consumer Liquidity Engine is made up of:
Velocity Smart Limit System® for responsible and controlled overdraft limits
Velocity’s CashPlease®an automated low-value consumer loan platform
Velocity’s Reg. E management tools to help with Reg. E-education and communication
The proprietary VelocityScore™, an alternative credit score that improves consumers’ unsecured borrowing power
The Consumer Liquidity Engine™ operates on 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 currently unused liquidity balance for the overdraft. This saves both the financial institution and the consumer from being exposed to unnecessary risk.
“We are absolutely thrilled to win the NAFCU Innovation Awards two years in a row,” said Steve Swanston, Executive Vice President of Velocity Solutions. “Last year, one of our flagship technology products, Account Revenue Solution®, was selected as the winner. This year’s victory is particularly gratifying, given the preponderance of negative press published on overdraft protection and fees over the past year. We have believed from the start that our Consumer Liquidity Engine solved many of the negative points circulating in 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 any better than that.
“Congratulations to Velocity Solutions on winning a 2022 Innovation Award! Equally important, I want to thank them for their continued ingenuity and development of industry-leading credit union-focused products. Consumer expectations are higher than ever before for fast, convenient, and engaging experiences when they borrow, spend, or save their money. These innovation awards showcase what leading companies are doing to help credit unions meet these demands. We’re proud to knowing that our trusted partners, including great companies like Velocity Solutions, are always working to make our industry stronger.- Randy Salser, President, NAFCU Services
To see the full list of 2022 NAFCU Innovation Awards finalists and winners, 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 serving the transaction accounts of more than 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 cooperatives in credit. Our Velocity Intelligent Platform® powers all Velocity solutions, using machine-driven intelligence that delivers powerful analytics, manages risk, and drives revenue, lending, account holder engagement, and non-interest revenue for our client financial institutions. For more information, please visit myvelocity.com.