CSI acquires Velocity Solutions, a leader in intelligent deposit growth and overdraft management software
FORT LAUDERDALE, FL (September 18, 2024) — CSI, a leading provider of end-to-end financial software and technology, today announced the acquisition of Velocity Solutions. Velocity offers financial institutions best-in-class account and deposit acquisition, customer engagement and retention solutions as well as intelligent software for serving consumer liquidity through overdraft management.
Through the Velocity Intelligent Platform®, the company’s powerful analytics support banks and credit unions in managing risk while driving revenue, account holder engagement and non-interest income. With a track record spanning nearly 30 years, Velocity Solutions currently services more than 30 million consumers and business owners.
“Our customers rely on us to provide the advanced tools and software that drive revenue, efficiency and cost savings,” said David Culbertson, CEO and president of CSI. “Velocity’s data-driven approach to deposit management and its intelligent overdraft decisioning engine are each designed to deepen relationships with account holders while minimizing risk exposure for financial institutions. Integrating Velocity’s advanced solutions into our existing financial services suite is CSI’s latest commitment to creating new paths to growth for financial institutions throughout the country.”
Velocity’s deposit growth engine helps institutions create a complete picture of the account holder’s experience, using data analytics and segmentation to drive engagement and sustainable revenue. The company’s dynamic and intelligent overdraft management solution enables bankers to establish controls according to account behavior and access a real-time dashboard that monitors the health of their overdraft program.
“The CSI and Velocity teams are united by the same mission to empower community and regional financial institutions to compete and win against the largest banks in the country,” said Christopher Leonard, CEO of Velocity Solutions. “Our customers are facing increasing pressure to grow in a challenging rate and deposit environment and require innovative ways to acquire and serve their account holders. We are eager to tap into CSI’s deep expertise and development prowess to expand our banking management platform and support customers in meeting their goals.”
The Velocity transaction complements CSI’s acquisition of Hawthorn River in December 2023, further enhancing CSI’s product offerings to support financial institutions’ most significant sources of revenue.
“We’re eager to identify more opportunities to evolve the differentiated financial software and technology solutions that make CSI the first choice for community and regional financial institutions nationwide,” Culbertson added.
For more information on CSI, visit csiweb.com.
About Velocity Solutions
Founded in 1995 and servicing the transaction accounts of over 30 million consumers and business owners, Velocity Solutions is the leading provider of revenue-driving solutions for community banks and credit unions. Our Velocity Intelligent Platform™ powers all of Velocity’s solutions, using machine-led intelligence that delivers powerful analytics and drives revenue, deposits and loans to our client financial institutions. For more information, please visit www.myvelocity.com.
About CSI
As a forward-thinking software provider, CSI helps community and regional banks, as well as organizations worldwide, solve their customers’ needs through open and agile technologies. In addition to its nearly 60-year reputation for personalized service, CSI is shaping the future of banking by swiftly deploying advanced solutions that help its customers rival their competition.
