Velocity Solutions announces a strategic partnership with DoubleCheck Solutions, a fintech company providing unique technology which puts overdraft and NSF decisions in the hands of the consumer. In this partnership, Velocity Solutions will integrate DoubleCheck’s technology into Velocity’s total Consumer Liquidity Engine, comprised of its Intelligent Limit System software and the CashPlease small-dollar, short-term lending platform.
“This partnership is a win for both financial institutions and their account holders”
DoubleCheck’s unique solution notifies consumers when they have insufficient funds and lets them determine what gets paid. This allows consumers time to review and reprioritize transactions and offers multiple payment options. For financial institutions, the solution offers a competitive advantage in the marketplace, potentially reduces the risk of litigation, provides compliance and audit tools and offers a new option for realigning overdraft and NSF revenue.
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The Intelligent Limit System is an overdraft management and data platform providing community banks and credit unions with the automated tools and technology they need to manage overdraft services with managed limits and program flexibility. The system assigns account level overdraft limits based on the consumer’s ability to repay. Velocity’s small-dollar loan platform, CashPlease, is an affordable, responsible, and compliant way to provide short-term liquidity to consumers who need occasional cash for unforeseen expenses.
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“This partnership is a win for both financial institutions and their account holders,” said Steve Swanston, Velocity Solutions EVP. “With so many headlines focusing on overdraft protection and its associated fees, we are more committed than ever to providing our clients with access to the only truly managed overdraft software platform in the industry, as well as the convenient liquidity alternative of CashPlease. Now, with DoubleCheck’s innovative solution integrated into our Consumer Liquidity Engine, not only will overdraft limits be assigned based on a consumer’s ability to repay, but that same consumer will now have the power to prioritize critical transactions for payment or choose new ways to pay for an overdraft or NSF transaction from a number of options, including a small-dollar, short-term loan.”
“By giving consumers direct control of the overdraft process and options to resolve their negative balance, overdraft becomes a value-added service and not a penalty,” said Joel Schwartz, Founder and Co-CEO, DoubleCheck Solutions. “Our partnership with Velocity Solutions will enable financial institutions to truly redefine the value of overdraft.”
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