Vermont-based 802 Credit Union (802CU) has selected Velera credit union service organization (CUSO) to provide credit and debit card processing support.
Velera will start providing debit card processing support to the credit union in September. The provision of credit card processing services will begin in March next year.
Kate Boudreau, 802CU vice president of operations, said Velera hit the mark with everything the credit union set out to find in its search for a new partner. In this case, parameters such as quality services, shared values and strategic goals, open communication, and easy integration to generate added value and positive change for its members are implied.
Brian Scott, executive vice president and chief growth officer at Velera, stated that both companies share a philosophy that people help people. According to him, the firm is looking forward to working in lockstep with 802CU’s team to deliver industry-leading products and services, and an elevated member experience.
Velera currently serves more than 4,000 financial institutions across North America. In addition to payment processing, the CUSO offers fraud and risk management, data and analytics, digital banking, instant payments, strategic consulting, collections, ATM and point-of-sale networks, shared branching, and member support.
Credit unions use partnerships to accelerate the implementation of their innovation agendas. This is evidenced by the results of special industry research. Also, according to the mentioned data, credit unions with over $5 billion in assets on average develop 8.4 products and features, fully or partially cooperating with third parties.
Velera president and chief executive officer Chuck Fagan, during a conversation with media representatives in the first half of the current month, stated that for credit unions, such partnerships can include speed innovation cycles, meeting demands for streamed virtual card provisioning, and other offers. It was also noted that the speed on the back end of innovation is one of those areas where smaller FIs must take advantage. Chuck Fagan stated that otherwise, bank customers, especially young ones, will be quick to move to a credit union’s competitor.
In January, Velera introduced its Card on File solution. In this case, cardholders can update payment methods across more than 115 merchants.
In December, Velera partnered with the nonprofit organization The Knoble to combat crimes like human trafficking, child exploitation, financial scams, elder abuse, and other forms of exploitation. The Knoble collaborates with financial services to show how financial clues can be used to fight human crimes.
In October, Velera teamed up with RAI Partners. This collaboration is aimed at offering credit unions access to solutions that include turn-down programs and portfolio acquisitions.
Also in October, Velera began collaborating with Arroweye Solutions, stating that it chose that company as a provider of card production, personalization, and fulfillment for its debit and credit card portfolio. This collaboration allows Velera and its partner institutions to launch new card programs in a few days rather than months.
As we have reported earlier, Mastercard to Accelerate Virtual Card Adoption With Embedded Tech.
