Velocity Solutions launched Intelligent Limit System V12, enabling banks to manage overdraft services to comply with the most recent guidance outlined by the FDIC and OCC. The next-generation proprietary software equips banks with automated tools and technology to effectively manage overdraft services, including required compliance documentation and reporting, monitoring, communication and risk management.

“The expectations set forth in the OCC’s proposed overdraft guidance will require reporting and tools which are beyond what most institutions now have,” says Christopher Leonard, president, Velocity Solutions. “ILS provides financial institutions with sophisticated tools which segment and continuously monitor accounts and automatically adjust overdraft limits based on risk factors as set forth in the proposed OCC guidance.”

The new version of the ILS software is a turnkey, browser-based tool enabling financial institutions to identify, notify, and document instances of excessive overdraft use, among other regulatory requirements. Compatible with most core systems and existing overdraft programs, ILS integrates multiple tools into one solution, providing ongoing detailed analysis of overdraft accounts, dynamic individual overdraft limits, comprehensive reporting, tracking, and communication to meet the new regulatory requirements.

 “In the current regulatory climate, overdraft programs are a key focus,” says Leonard. “Banks will need to be prepared to provide detailed reports and documentation regarding how they are complying with regulators’ new expectations.”

 

 

[This article was posted on March 27, 2012, on the website of ABA Banking Journal, www.ababj.com.]      

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