Velocity Solutions Teams Up with the Tennessee Bankers Association to Promote Small-Dollar Lending in their Member Bank Communities

Solutions, LLC
, the leading provider of revenue enhancement
solutions to regional and community financial institutions, announced a
strategic partnership with the Tennessee Bankers Association (TBA) to
enable its Member Banks to provide small-dollar consumer loans in their
communities. The TBA has identified Velocity’s CashPlease® program as
the solution that Member Banks can use to deliver small-dollar loans to
their customers in an efficient and compliant way.

CashPlease® is an automated small-dollar, short-term loan platform that
allows consumers to apply for loans 24/7 on their bank’s branded
CashPlease® website or mobile app. Loan amounts generally range from
$100 to $1,500, and do not require a traditional credit check. An
ability-to-repay determination is made by Velocity’s data-driven
proprietary algorithm, the underlying technology of which has been used
to analyze short-term liquidity on millions of accounts for many years.
Consumers will know immediately whether they are approved for a
short-term loan, and the funds will be deposited directly into their
account. The CashPlease® platform is offered by Velocity Borrower Logic,
LLC, an affiliate of Velocity Solutions.

The mission of the TBA is to represent and support its members, enabling
them to provide a full range of quality financial products and services
while maintaining safety and soundness.

“Small-dollar lending used to be a staple service provided by Tennessee
banks to meet the needs of their communities,” said Colin Barrett,
president of the Tennessee Bankers Association. “Unfortunately, with the
increase of consumer compliance regulations, many of these loans were
moved out of the traditional banking market forcing customers to seek
alternative, and costlier, solutions. With the CashPlease program, banks
will once again be able to offer an efficient, compliant, and affordable
small-dollar lending option for their valued customers.”

“Our CashPlease solution naturally aligns with the TBA’s goals,” said
Steve Swanston, Executive Vice President of Velocity Solutions. “We
launched this product because we identified an overlooked consumer
market – those who have solid relationships with their bank and would
prefer to obtain short-term credit from their trusted primary financial
institution rather than turning to other high-cost lending sources. Our
ultimate goal is to help financial institutions balance the need for
revenue with the demands of regulatory compliance, while providing the
best service and experience to the end consumer.”

Greg Gonzales, Commissioner of the Tennessee Department of Financial
Institutions, added, “While the Department never endorses any vendor or
any product, we do endorse the opportunity of community banks to serve
the small-dollar needs of citizens and look forward to working with the
industry and federal regulators to see how community banks can fill this
need in a prudent manner. I especially appreciate the effort that many
of our community banks are currently making to provide small loans in
rural parts of the state and I hope that effort can be expanded.”

To learn more about adding CashPlease® as a product offering at your
financial institution, please visit
To learn more about the Tennessee Bankers Association, please visit

About Velocity Solutions, LLC

Founded in 1995 and servicing the transaction accounts of over 30
million consumers and business owners, Velocity Solutions has
unparalleled expertise in using data to optimize revenue, risk and
service for banks and credit unions. Velocity’s solutions use the power
of digitization and big data to drive new accounts, generate new
non-interest income, responsibly offer overdraft services, digitize
consumer and business lending, and manage risk and compliance. For more
information, please visit

About the Tennessee Bankers Association

The Tennessee Bankers Association, founded in 1890 and
headquartered in Nashville, is a not-for-profit organization
representing the state’s commercial banks and thrift institutions and
their employees. The Association provides continuing education, develops
and monitors state and federal legislative agendas, disseminates
information on all facets of the financial industry, and promotes the
public image of financial institutions.


Beth Planakis
Director of Marketing

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