FORT LAUDERDALE, Fla.--(BUSINESS WIRE)--Velocity Solutions, LLC, the leading provider of revenue enhancement solutions to regional and community financial institutions, announced a strategic partnership with the Kentucky Bankers Association (KBA) to enable its Member Banks to provide small-dollar consumer loans in their communities. The KBA 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. The KBA also endorses Velocity’s overdraft management solution, Intelligent Limit System® (ILS). ILS is the industry’s leading automated overdraft management solution using dynamic limits.
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 purpose of the Kentucky Bankers Association is to provide effective advocacy for the financial services industry both in Kentucky and on a national level; to serve as a reliable and responsive source of information and education about areas of interest to the industry; and to provide a catalyst and forum for collective industry action. One of the ways in which they accomplish this is through the communication of products and services.
“Our members focus on the needs of their community, and customers need their trusted bank to provide small-dollar loans. This innovative program will provide our members the opportunity to offer an efficient, compliant and affordable small-dollar loan program so their customers will have easy access to cash at affordable interest rates,” said Ballard W. Cassady, Jr., President/CEO of the Kentucky Bankers Association.
“Our CashPlease solution naturally aligns with the KBA’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.”
To learn more about adding CashPlease® as a product offering at your financial institution, please visit www.cashplease.com. To learn more about the Kentucky Bankers Association, please visit www.kybanks.com.
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 Kentucky Bankers Association
The Kentucky Bankers Association is a nonprofit trade association that has been providing legislative, legal, compliance and educational services to its member institutions since 1891. KBA's directors and staff work together with its members to make the financial services industry a more effective and successful place to work. The strength of the KBA is bankers unifying as an industry to speak as one voice.