For Immediate Release
Velocity Commercial Capital Chooses SS&C for its Finance Transformation
Nationwide lender signs multi-year agreement with SS&C Primatics' EVOLV platform to automate loan and securities portfolio accounting
WINDSOR, CT, August 9, 2018 (PR NEWSWIRE) – SS&C Technologies Holdings, Inc. (Nasdaq:SSNC), a global provider of financial services software and software-enabled services, today announced that Velocity Commercial Capital, LLC (‘Velocity’) has signed a multi-year agreement with SS&C Primatics' EVOLV platform. EVOLV will help Velocity transform their financial operations and capitalize on growth opportunities in a controlled environment. Velocity, a direct portfolio lender, provides investment property loans for residential 1-4, multi-family, mixed-use and small balance commercial properties.
Today, financial institutions need to manage and report their business activities according to a large range of accounting and regulatory standards. Maintaining compliance and consistency significantly increases internal process complexity, reporting efforts and operating costs. Velocity selected EVOLV as its integrated risk and finance management platform to comply with ASC 310-20 (FAS 91) requirements under US GAAP standard. EVOLV will automate Velocity’s amortization of net deferred fees and costs for the loan and securitization portfolios, in effect, reducing manual processes and mitigating risk. EVOLV’s cutting-edge architecture will provide Velocity with a centralized end-to-end accounting process from data validation to disclosures and reporting.
"Controlled end-to-end automation from source systems to the general ledger is a key priority for us. After considering multiple vendors, we chose EVOLV because of its strong reputation in the marketplace and expertise with complex loan portfolios and accounting standards," said Mark R Szczepaniak, Chief Financial Officer, Velocity Commercial Capital. "We are pleased to work with SS&C Primatics, and are confident that leveraging the EVOLV platform and SS&C Primatics' deep expertise will enable us to make further strides in our automation initiative.”
“We are excited to partner with Velocity and look forward to a long partnership as they scale and grow,” said Kwang Sin, Senior Vice President and General Manager, SS&C Primatics. “Velocity joins an impressive list of high-growth institutions that have chosen SS&C Primatics and its robust platform, EVOLV, to manage their loan portfolios. EVOLV is built to enable financial institutions to cut the time spent on operational tasks and controls, while increasing the capacity for analytics."
About Velocity Commercial Capital, Inc.
Established in 2004, Velocity Commercial Capital is a portfolio lender to real estate investors and small business owners nationwide through its Velocity Mortgage Capital division. Velocity actively manages over $1 Billion in commercial real estate loans and securitized assets.
About SS&C Technologies
SS&C is a global provider of investment and financial software-enabled services and software for the global financial services and healthcare industries. Founded in 1986, SS&C is headquartered in Windsor, Connecticut and has offices around the world. Some 13,000 financial services and healthcare organizations, from the world's largest institutions to local firms, manage and account for their investments using SS&C's products and services.
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