The purchase of Velocity Solutions, a developer of intelligent software for financial institutions, was announced on September 18, 2024 by CSI, a well-known supplier of end-to-end financial technology. Velocity’s offerings, including the Velocity Intelligent Platform, aim to support banks and credit unions by enhancing risk management, customer engagement, and revenue growth through advanced deposit acquisition and overdraft management tools. With this acquisition, CSI aims to integrate Velocity's data-driven solutions into its existing suite, providing financial institutions with enhanced tools to deepen customer relationships and drive non-interest income.
Velocity Solutions, founded in 1995, serves over 30 million consumers and business owners, offering technology solutions that focus on revenue generation, compliance, and risk management. The acquisition aligns with CSI's recent purchase of Hawthorn River in December 2023, further strengthening its portfolio to address the evolving needs of community and regional banks. Both companies share a mission to empower smaller financial institutions to compete with large national banks. CSI, known for its nearly 60 years of experience and commitment to innovation, plans to leverage Velocity’s expertise to expand its product offerings and meet the growing demands of its customers in a challenging financial environment.
