Velocity Solutions, a software developer for financial institutions, has acquired the automated overdraft management solution of CourtesyCloud Management Solutions.
The deal will see Velocity acquire CourtesyConnect and CourtesyLimit for an undisclosed amount.
Through the deal, Velocity will be able to supply its overdraft solutions to a wider base of financial institutions, including those looking for cloud-based solutions. The new tools will empower Velocity to aid financial institutions of all sizes in boosting their revenue, service and compliance.
CourtesyConnect is a cloud-based overdraft management system which enables financial institutions to automate their overdraft services and management. Its software and processes help institutions of all sizes improve the account holder experience, optimise compliance and grow revenue.
The other solution part of the deal, CourtesyLimit, is a risk management service which uses data analysis to create dynamic overdraft limits which are personalised to a user’s repayment capacity.
BSG Financial Group founder and CEO Barrett Nichols said, “This acquisition creates the opportunity to provide enhanced overdraft product offerings and unrivalled service to our combined client base, as well as to prospective financial institutions.”
Velocity Solutions is a software developer for financial institution and credit unions to help them drive revenue, maintain compliance and monitor risk. Its services are designed to automate overdraft services, drive new profitable accounts, provide consumer and business lending platforms, generate non-interest income and support regulatory scrutiny.
Late last year, Velocity was acquired by private equity firm H.I.G. Capital for an undisclosed amount. As part of the deal, the company’s senior management team also made an investment, picking up a minority stake in the company.
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