Velocity Solutions Announces Latest Enhancements to Industry’s Leading Overdraft Management Solution

by PaymentsJournal 0

FORT LAUDERDALE, Fla. – September 4, 2018 Velocity Solutions, LLC, the leading provider of revenue enhancement solutions to regional and community financial institutions, announced that the latest updates to its Intelligent Limit System® (ILS), the industry-leading overdraft management solution, are now available.

The Intelligent Limit System® (ILS) is an overdraft management and reporting system providing financial institutions the critical automated tools and technology they need to manage overdraft services as a line of business and better serve their account holders, all while meeting regulatory and compliance expectations.

New features for the ILS Version 18 update include:

Strategic Refunds Module, which provides consistent guidance and objectivity to front-line staff when reviewing and considering refunds with account holders with:

  • A refund matrix score that assigns a value, per account, of the number of NSF/OD fee refunds to approve
  • A Refund Timeline Dashboard and reports for executive management that assist in monitoring strategic initiatives

Enhanced User Interface, which provides a modernized look and feel for the end user. In addition, the improved UI:

  • Is compatible with IE, Firefox, Chrome and Edge with no third-party component requirements for standard use
  • Offers an easier and quicker CRM “search and view” functionality
  • Allows ILS-generated communications to be suspended and resumed by date

“Financial institutions require an overdraft program with the flexibility to scale with their business and meet the wants and needs of their account holders, regulators and staff,” said Christopher Leonard, CEO of Velocity Solutions. “Velocity Solutions provides the industry’s leading automated overdraft management solution using dynamic limits, and we are committed to providing our clients with access to the latest, best-in-class tools and services to support their strategic goals.”

Clients interested in activating this functionality should contact their Velocity Solutions Client Service Manager for more details. 

About Velocity Solutions, LLC

Velocity Solutions is the leading provider of digital revenue enhancement solutions to regional and community banks and credit unions. Founded in 1995 and servicing the transaction accounts of over 25 million consumers and business owners, Velocity has unparalleled expertise and insight into deposit account activity and transactional trends. Velocity’s solutions are designed to automate overdraft services, drive new profitable accounts, provide digital consumer and business lending platforms, generate new non-interest income, and address regulatory scrutiny. For more information, please visit www.myvelocity.com.

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