FORT LAUDERDALE, Fla.–(BUSINESS WIRE)–#ConsumerLiquidityEngine–Velocity Solutions announces that its Consumer Liquidity Engine™ has been selected as a finalist for 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 offer. 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 proud of our status as a NAFCU Preferred Partner and delighted to be recognized as a finalist for the NAFCU Innovation Awards for this groundbreaking new solution,” said Steve Swanston, Executive Vice President of Velocity Solutions. “We have worked hard to develop consumer and regulator friendly solutions that will enable our bank and credit union customers to provide much needed liquidity to their account holders in a convenient and efficient way. 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 the NAFCU Congressional Caucus in Washington DC, September 11-14, 2022. To view the full list of 2022 NAFCU Innovation Awards finalists, 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 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.