Velocity Solutions Teams Up with the Tennessee Bankers Association to Promote Small-Dollar Lending in their Member Bank Communities

FORT LAUDERDALE, Fla.--()--Velocity Solutions, LLC, the leading provider of revenue enhancement solutions to regional and community financial institutions, announced a strategic partnership with the Tennessee Bankers Association (TBA) to enable its Member Banks to provide small-dollar consumer loans in their communities. The TBA has identified Velocity’s CashPlease® program as the solution that Member Banks can use to deliver small-dollar loans to their customers in an efficient and compliant way.

CashPlease® is an automated small-dollar, short-term loan platform that allows consumers to apply for loans 24/7 on their bank’s branded CashPlease® website or mobile app. Loan amounts generally range from $100 to $1,500, and do not require a traditional credit check. An ability-to-repay determination is made by Velocity’s data-driven proprietary algorithm, the underlying technology of which has been used to analyze short-term liquidity on millions of accounts for many years. Consumers will know immediately whether they are approved for a short-term loan, and the funds will be deposited directly into their account. The CashPlease® platform is offered by Velocity Borrower Logic, LLC, an affiliate of Velocity Solutions.

The mission of the TBA is to represent and support its members, enabling them to provide a full range of quality financial products and services while maintaining safety and soundness.

“Small-dollar lending used to be a staple service provided by Tennessee banks to meet the needs of their communities,” said Colin Barrett, president of the Tennessee Bankers Association. “Unfortunately, with the increase of consumer compliance regulations, many of these loans were moved out of the traditional banking market forcing customers to seek alternative, and costlier, solutions. With the CashPlease program, banks will once again be able to offer an efficient, compliant, and affordable small-dollar lending option for their valued customers.”

“Our CashPlease solution naturally aligns with the TBA’s goals,” said Steve Swanston, Executive Vice President of Velocity Solutions. “We launched this product because we identified an overlooked consumer market – those who have solid relationships with their bank and would prefer to obtain short-term credit from their trusted primary financial institution rather than turning to other high-cost lending sources. Our ultimate goal is to help financial institutions balance the need for revenue with the demands of regulatory compliance, while providing the best service and experience to the end consumer.”

Greg Gonzales, Commissioner of the Tennessee Department of Financial Institutions, added, “While the Department never endorses any vendor or any product, we do endorse the opportunity of community banks to serve the small-dollar needs of citizens and look forward to working with the industry and federal regulators to see how community banks can fill this need in a prudent manner. I especially appreciate the effort that many of our community banks are currently making to provide small loans in rural parts of the state and I hope that effort can be expanded.”

To learn more about adding CashPlease® as a product offering at your financial institution, please visit www.cashplease.com. To learn more about the Tennessee Bankers Association, please visit www.tnbankers.org.

About Velocity Solutions, LLC

Founded in 1995 and servicing the transaction accounts of over 30 million consumers and business owners, Velocity Solutions has unparalleled expertise in using data to optimize revenue, risk and service for banks and credit unions. Velocity’s solutions use the power of digitization and big data to drive new accounts, generate new non-interest income, responsibly offer overdraft services, digitize consumer and business lending, and manage risk and compliance. For more information, please visit www.myvelocity.com.

About the Tennessee Bankers Association

The Tennessee Bankers Association, founded in 1890 and headquartered in Nashville, is a not-for-profit organization representing the state’s commercial banks and thrift institutions and their employees. The Association provides continuing education, develops and monitors state and federal legislative agendas, disseminates information on all facets of the financial industry, and promotes the public image of financial institutions.

Contacts

Beth Planakis
Director of Marketing
954-847-5812
beth@myvelocity.com

Release Summary

Velocity Solutions Teams Up with the Tennessee Bankers Association to Promote Small-Dollar Lending in their Member Bank Communities

Contacts

Beth Planakis
Director of Marketing
954-847-5812
beth@myvelocity.com