Velocity Solutions of Wilmington, N.C., said it has acquired the Deposit Score, Platinum Overdraft and Pricing Partner software business of Sheshunoff Consulting + Solutions of Austin, Texas.
In addition to the software, used for management of account overdraft limits at credit unions and banks, the acquisition will provide Velocity “with additional expert staff from Sheshunoff Consulting + Solutions and an installed base of Deposit Score and Platinum Overdraft clients to augment the explosive growth of Velocity’s Next-Generation Intelligent Limit System Version 12,” the companies said in a statement.
Together, they serve “the vast majority of community and regional financial institutions who employ dynamic overdraft limits,” the companies said, with more than 5 million accounts under management.
Christopher Leonard, president of Velocity Solutions, said, “Sheshunoff Consulting + Solutions has been one of the pioneers in the industry in providing the needed tools to help financial institutions manage these regulatory and account service issues, and Velocity’s Intelligent Limit System is the perfect complement to this approach.
Gabrielle Sheshunoff, president/CEO of Sheshunoff Consulting + Solutions, said, “The combination of the products we developed and Velocity’s ILS software will provide best-in-class software and capabilities to the financial institutions that have, and will continue, to rely on both of our companies.”