Velocity Solutions Launches Enhancements to Overdraft Management Software

WILMINGTON, N.C.--(BUSINESS WIRE)--Velocity Solutions announces enhancements to its Intelligent Limit System^® (ILS) Version 12, the industry-leading solution that assists financial institutions in proper management of overdraft services.

“Velocity Solutions remains committed to providing solutions that bring dynamic overdraft limits, extensive messaging tools and reporting analytics to meet and exceed today’s compliance, risk, and service requirements.”

Christopher Leonard, President of Velocity Solutions, said, “In May of this year, Velocity Solutions acquired the Deposit Score and Platinum Overdraft software from Sheshunoff Consulting + Solutions. As a result, we’ve been able to combine the best features of those products to augment the capabilities of our Intelligent Limit System for a best-in-class overdraft management solution.”

ILS Version 12.1 enhancements include:

• Scheduled reporting to allow users to set up reports to run daily, weekly or monthly
• Ability to segment accounts according to user-defined criteria for easier maintenance and to review matrix performance using multiple risk thresholds
• New daily file to include refund and chargeoff data, which allows for better insight into the overall management of the overdraft program
• CRM call scripts to ensure a consistent message is delivered to account holders
• New reports including Monthly Overdraft Revenue Summary, NSF/OD Item Channel Report, OD Limit Distribution, and Outbound Communication metrics, plus enhanced capabilities for multi-institution and multi-branch reporting
• Enhanced account security to allow the system administrator to set password renewal and lockout policies for the system
• Performance optimization to significantly reduce the process time for OD limit calculations
• Capability to set limits once per month to allow FIs to disclose OD limits to account holders

Leonard continued, “Velocity Solutions remains committed to providing solutions that bring dynamic overdraft limits, extensive messaging tools and reporting analytics to meet and exceed today’s compliance, risk, and service requirements.”

About Velocity Solutions, Inc.: Velocity Solutions offers comprehensive solutions designed to drive new accounts, generate more revenue, and reduce non-interest expense. Velocity’s solutions include transaction account strategies, fee income enhancement, overdraft management tools, retail account product design and account acquisition programs. Velocity Solutions is the leading provider of revenue enhancement strategies for financial institutions. For more information, please visit www.myvelocity.com.