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Adjustable limits, dynamic messaging and comprehensive reporting for overdraft services have never been more important than they are today.

The Intelligent Limit System (ILS) provides you with automated tools and technology to manage overdraft services as a line of business - something that is critical in today's regulatory climate and competitive environment. With recent regulatory changes, the Dodd-Frank financial reform legislation creating the Consumer Financial Protection Bureau, and the FDIC and OCC issuing overdraft payment supervisory guidance, now is the time for financial institutions to examine their overdraft practices.

ILS is the only system available to community financial institutions that can do all of these things:

  1. Monitor and segment accounts by usage of the overdraft program
  2. Detect indications of excessive overdrafts
  3. Detect potential changes to repayment capacity with respect to the overdraft product
  4. Adjust overdraft limits as frequently as daily to address risks of excessive usage, nonperformance and changes to repayment capacity
  5. Identify and notify heavy users of overdraft protection of available alternatives to overdraft protection
  6. Create a repository documenting this activity for your regulators

Dynamic Limits

The regulatory world is changing to the point that all financial institutions are soon going to be required to have overdraft limits that change based on activity. In short, the "set it and forget it" or "one size fits all" programs of the past are no longer acceptable by today's regulatory standards.

The Intelligent Limit System provides dynamic limits to address FDIC and OCC overdraft guidance and maintain industry-leading best practices while also providing the flexibility to meet future needs.

Dynamic Messaging

ILS is equipped with a dynamic messaging package to allow financial institutions to communicate with account holders through various channels and for a number of reasons. Not only is it critical to message heavy overdraft users, but it is also important that account holders be contacted and notified of debit declines, or other changes in account activity. With ILS you can manage all of these types of communication for maximum service and compliance.

Dynamic Reporting

The Intelligent Limit System gives you the reports you need to prove to regulators that your overdraft practices are fair and in the best interest of the consumer. Our comprehensive reporting package allows you to identify account holders who experience numerous overdraft fees each year, analyze that data according to various factors, and document your efforts to offer alternative solutions.

Compatible with almost all core systems and existing overdraft programs, ILS gives financial institutions the tools you need to effectively provide overdraft services for the benefit of both the consumer and the financial institution, all while meeting enhanced expectations for regulatory compliance.

To find out more, contact Velocity Solutions today and ask about our Intelligent Limit System.

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