Founded in 1995, Velocity Solutions, Inc. has seen remarkable growth and solidified its position as the leading provider of revenue enhancement solutions for the financial services and insurance industries.
In its early years, Velocity Solutions established itself as the wellness solutions provider for Blue Cross and Blue Shield of North Carolina. The firm’s strategies to decrease healthcare costs were soon adopted by insurance companies across the United States.
In 2002, Velocity Solutions broke into the financial services market and quickly set the standard for other account acquisition programs by positioning itself as one of the largest and fastest growing companies in the market.
The Account Revenue Solution was introduced in 2004 as a turnkey program designed to increase transactional activity among existing account holders. Shortly thereafter, Velocity Solutions introduced its Invitation Checking System, which changed the way account acquisition is viewed in the marketplace by simplifying and automating the referral process.
In 2007, the Intelligent Merchant Solution and My Interest Checking were introduced to supplement the already successful Account Revenue Solution. These strategies quickly proved themselves as means to offer additional value to the consumer while generating additional revenue at no additional cost to the financial institution.
In April 2008, Velocity Solutions acquired Furnace, Giltner and Associates, an established consulting firm based in Austin, Texas and brought all data processing, mail services, and consulting in-house.
By 2009, financial institutions had come under intense public scrutiny resulting in more changes and regulatory action than the industry had seen in decades. Velocity Solutions responded with two additional product offerings. The Intelligent Limit System revolutionized the way financial institutions manage overdraft services by implementing adjustable limits at the account level and the Opt-In Solution helped manage discretionary services and opt-in processes in the most profitable manner.
In 2010, it quickly became apparent that “a new banking environment” had emerged, one that would require product repositioning and repricing as well as enhanced communication and recordkeeping. In response, two new products were born. The Relationship Rebate Solution allowed account holders to receive rebates on product fees in exchanges for additional valuable relationships. The Intelligent Diagnostic System provided the tools and data necessary to proactively manage overdraft services while also addressing regulatory scrutiny.
Velocity Solutions continues to grow and is committed to meeting business challenges and changing regulations by swiftly and proactively developing new solutions.