CSI introduced plans to amass deposit progress agency Velocity Options.
CSI will combine Velocity’s options that drive income, service, and compliance for neighborhood banks and credit score unions into its present choices.
Monetary phrases of the deal had been undisclosed.
Group financial institution know-how supplier CSI introduced plans to amass deposit progress agency Velocity Options. Monetary phrases of the deal had been undisclosed.
Velocity Options was based in 1995 to supply instruments that assist drive income, service, and compliance for neighborhood banks and credit score unions. The corporate’s Velocity Clever Platform powers its options, amongst that are a Retail Efficiency Engine, Shopper Liquidity Engine, and Digital Enterprise Lending. These instruments leverage machine-led intelligence to assist companies handle danger, drive income, enhance engagement, and increase non-interest earnings.
Velocity Options, which demoed its Akouba cloud-based lending platform at FinovateFall 2021, companies greater than 30 million shoppers and enterprise house owners.
“Our prospects depend on us to supply the superior instruments and software program that drive income, effectivity and value financial savings,” mentioned CSI CEO and president David Culbertson. “Velocity’s data-driven strategy to deposit administration and its clever overdraft decisioning engine are every designed to deepen relationships with account holders whereas minimizing danger publicity for monetary establishments.”
CSI plans to combine Velocity’s options into its present monetary companies suite, which incorporates all the pieces from core banking to lending to managed IT and cybersecurity, advisory companies, and extra. “We’re desirous to establish extra alternatives to evolve the differentiated monetary software program and know-how options that make CSI the primary selection for neighborhood and regional monetary establishments nationwide,” added Culbertson.
“The CSI and Velocity groups are united by the identical mission to empower neighborhood and regional monetary establishments to compete and win in opposition to the most important banks within the nation,” mentioned Velocity Options CEO Christopher Leonard. “Our prospects are going through rising stress to develop in a difficult fee and deposit setting and require revolutionary methods to amass and serve their account holders. We’re desirous to faucet into CSI’s deep experience and growth prowess to increase our banking administration platform and assist prospects in assembly their objectives.”
CSI expects that at this time’s buy will complement the acquisition of neighborhood financial institution mortgage servicing platform, Hawthorn River, the corporate made in December of final 12 months.
CSI, which just lately launched an expanded developer portal, was based in 1965. The corporate acquired an funding of an undisclosed quantity from non-public fairness agency TA Associates in January 2024.
Photograph by Martin Adams on Unsplash
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