Velocity was founded in 1995 and specializes in offering software for managing overdrafts, client engagement and retention strategies, and account and deposit acquisition. It states that 30 million customers and company owners worldwide are presently served by its technology.

According to CSI, Velocity's 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," while its 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."

Prior to acquiring the vendor in 2017, the private equity firm HIG Capital controlled Velocity.

According to CSI, the acquisition of Velocity "complements" the loan origination system Hawthorn River, which it had previously announced in December.

CEO and president of CSI David Culbertson says, "Velocity's data-driven approach to deposit management and its intelligent overdraft decisioning engine are each designed to deepen relationships with account holders while minimising risk exposure for financial institutions."

Velocity will now be included into CSI's current portfolio of financial services, as confirmed by Culbertson, who also says that the business is "eager to identify more opportunities" in the future for unique financial software and technological solutions.