Velocity Solutions has added to its overdraft and loan pricing product offerings.
The Wilmington, N.C., company said Tuesday that it had acquired Deposit Score, Platinum Overdraft and Pricing Partner software from Sheshunoff Consulting in Austin, Texas. Financial terms of the deal were not disclosed.
Pricing Partner is loan pricing software designed for community banks. Deposit Score and Platinum Overdraft help financial institutions manage their overdraft protection programs.
The overdraft products from Sheshunoff and Velocity's current services are meant to help banks and credit unions meet new regulatory requirements and manage risk, Velocity said. The acquisition will also provide Velocity with additional expert staff from Sheshunoff and access to the client base that uses Deposit Score and Platinum Overdraft.
The addition of these products will augment growth of Velocity's overdraft management tool, Intelligent Limit System Version 12, the company said.
"The environment has changed over the last few years regarding how consumers use overdraft services and what financial institutions are required to do to comply with all of the new regulations and guidance, and both the Intelligent Limit System and the solutions provided by Sheshunoff Consulting bring the tools needed to manage this important checking account feature," Christopher Leonard, president of Velocity, said in a news release.