Velocity Solutions announces that its Consumer Liquidity Engine™ has been selected as a finalist in NAFCU’s 2022 Innovation Awards. The Innovation Awards is an annual program presented by NAFCU Services that honors the transformational and valuable contributions to the credit union industry. All entries are evaluated by a panel of top executives and members of the media based on the degree of innovation and impact on credit union success.
The Velocity Solutions Consumer Liquidity Engine™ is a suite of products that seamlessly work together to empower financial institutions and their account holders, while mitigating risk for both. The Consumer Liquidity Engine is composed of:
- Velocity’s Intelligent Limit System® for responsible, managed overdraft limits
- Velocity’s CashPlease®, an automated small-dollar consumer loan platform
- Velocity’s Reg. E Management tools to assist with Reg. E education and communication
- The proprietary VelocityScore™, an alternative credit score that enhances unsecured consumer borrowing power
The Consumer Liquidity Engine™ functions across 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 liquidity balance not currently used for overdraft. This prevents both the financial institution and the consumer from being exposed to unnecessary risk.
“We are proud of our status as a NAFCU Preferred Partner and thrilled to be recognized as a finalist in NAFCU’s Innovation Awards for this revolutionary new solution,” said Steve Swanston, EVP of Velocity Solutions. “We’ve worked hard to develop consumer-friendly and regulator-friendly solutions that will allow our bank and credit union clients to provide much-needed liquidity to their account holders in a convenient and efficient fashion. The Consumer Liquidity Engine prevents consumers from seeking short-term liquidity from other high-priced and often risky channels, while keeping them transacting with their primary financial institution.”
Winners will be announced at NAFCU’s Congressional Caucus in Washington DC, September 11-14, 2022. To see the complete list of finalists in NAFCU’s 2022 Innovation Awards, visit: https://www.nafcu.org/innovationawards/2022-innovation-award-finalists.
To learn more about Velocity Solutions’ Consumer Liquidity Engine™, visit www.myvelocity.com/CLE.
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.
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