FORT LAUDERDALE, Fla.--(BUSINESS WIRE)--Velocity Solutions and Allied Solutions announced a strategic partnership that will offer Allied’s extensive network of financial institutions access to Velocity’s dynamic suite of revenue enhancement products. Initially, the solutions that Allied will launch via this new relationship are the Intelligent Limit System®, ODM Guardian™ and the My Rewards™ Premium Debit Card Program.
Allied Solutions and Velocity Solutions are two organizations that separately aim to help financial institutions mitigate risk, manage compliance, and provide better service to their account holders; through this new relationship, Velocity and Allied hope to strengthen this aim. Velocity’s Intelligent Limit System® (ILS) provides financial institutions with automated tools and technology to manage overdraft services as a line of business, while better serving consumers and meeting expectations for regulatory compliance. ODM Guardian™ is tailored to the needs of community financial institutions, and allows these institutions to simplify and centralize processes, identify and mitigate risk, manage compliance, and provide better overall service to account holders.
Research shows that 70% of debit card holders will use their card more often if they receive added rewards for doing so¹. The My Rewards™ Premium Card program allows financial institutions to generate a brand new source of non-interest income by tying rewards and benefits directly to the debit card. This program encourages more account activity, increases account holder satisfaction and loyalty, and helps financial institutions in their account acquisition efforts. And the best part is that financial institutions pay nothing to Velocity Solutions or Allied Solutions to adopt this program.
"We're excited to be joining strategic forces with Allied Solutions," said Steve Swanston, Executive Vice President of Velocity Solutions. “With Allied’s impressive credibility in the marketplace and Velocity’s superior solutions, we have forged a powerful relationship. We’re proud to combine our strengths to help financial institutions accomplish their revenue goals and to better serve their account holders.”
“Allied Solutions is hyper-sensitive about only offering solutions that are worthwhile for our customers,” stated Pete Hilger, President and CEO of Allied Solutions. “We have chosen to work with Velocity Solutions because they have in fact developed versatile programs that can help our clients attract cardholders, increase consumer activity, and enable our clients to better compete with big banks.”
About Velocity Solutions, Inc.
Founded in 1995 and servicing nearly 15 million transaction accounts, Velocity Solutions® is the leading provider of revenue enhancement solutions to regional and community banks and credit unions. Velocity’s solutions are designed to drive new accounts, increase transactional activity in existing accounts, generate additional fee income, increase account holder retention and address regulatory scrutiny. For more information, please visit www.myvelocity.com.
About Allied Solutions
Allied Solutions, LLC is one of the largest providers of insurance, lending, and marketing products to financial institutions in the US. Allied Solutions uses technology based products and services customized to meet the needs of 4,000 clients along with a portfolio of innovative products and services from a wide variety of providers. Allied Solutions maintains over 15 regional offices and service centers around the country and is a subsidiary of Securian Financial Group, Inc. Visit www.alliedsolutions.net to learn more.
¹ Source: Consumers and Debit in the U.S.: Rising Demand for New Services (November 2014)
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