CIBC Bank USA Chooses Velocity Solutions’ Akouba Digital Lending Platform
  • Chicago, Illinois-based CIBC Bank USA has announced a partnership with Finovate newcomer, Velocity Solutions.
  • CIBC will leverage Velocity Solutions’ Akouba Digital Lending Platform to lower costs, better manage risk, and increase per-loan profitability.
  • Velocity Solutions made its Finovate debut in the fall of 2021. The company acquired the Akouba platform in 2018.

CIBC Bank USA has chosen Velocity Solutions’ Akouba Digital Lending Platform to support its small business banking division. The Chicago, Illinois-based commercial bank, founded in 1989 as The PrivateBank and Trust Company, will leverage Akouba’s cloud-based SaaS platform to lower the cost, time, and risk associated with the loan origination process. At the same time, the platform will help boost the profitability of every loan made.

“We’ve made tremendous progress with the platform since we acquired Akouba in June 2018,” Velocity Solutions EVP of Product Management Mike Triggiano said. “We’re continually refining the platform and adding new features and functionality. It’s been a thrill to enhance Akouba’s industry-leading technology over the past two years, and the opportunity to add CIBC Bank USA to our growing list of clients is definitely one of the most exciting milestones in Akouba’s history to date.”

Added to Velocity Solution’s product suite four years ago, Akouba is designed to accelerate loan origination for both retail and commercial lending. The only small business loan origination platform endorsed by the American Bankers Association (ABA), Akouba reduces end-to-end time, streamlines operational processes, and helps increase profits. The platform does all this while giving financial institutions the ability to retain control over the decision, pricing, credit policy, risk metrics, and loan amounts, as well as the borrower experience.

“At CIBC, we are building an innovative, relationship-focused bank,” CIBC Bank USA President of Retail and Digital Banking and Head of U.S. Strategy and Administration Brant Ahrens said. “Akouba gives our small business clients the ability to seek financing on any device at any time in any place that is convenient for them.”

Velocity Solutions made its Finovate debut at FinovateFall in New York last September, where the company demoed its Akouba platform. In the months since, Velocity Solutions has introduced a number of new solutions including VelocityConnector that enables efficient and secure API connections between banking data systems; its VelocityScore feature, which helps indicate the ability of accountholders to repay loans; and its Consumer Liquidity Engine, which makes a range of flexible overdraft options and affordable short-term loans available to bank and credit union customers and members.

Founded in 1995, Velocity Solutions is headquartered in Fort Lauderdale, Florida. Christopher Leonard is CEO.

Photo by Jonathan Petersson