The Intelligent Limit System (ILS) from Velocity Solutions is an overdraft management and reporting system that provides users with automated tools to manage overdraft services as a line of business while satisfying regulatory guidance. ILS requires the financial institution to create four files daily by extracting certain data from DNA. The four files are the Daily Account File, Debit Decline File, 1st Notice File, and Adjustments File.
The Velocity ILS Interface DNAapp automatically creates these four required files, enabling users to streamline their use of this third-party system.
ILS sets overdraft limits at the checking account level. Setting limits on individual accounts will allow your financial institution to pay more items and generate fee income. The Velocity ILS Interface DNAapp will allow your financial institution to easily create the files necessary to use the ILS system more efficiently.