Velera Innovation Alliance Aims to Drive Credit Union Growth

Credit union service organization Velera launched the Velera Innovation Alliance (VIA), an extension of Velera’s Fintech Engagement Program, which was first announced in April.

The VIA is a coalition made up of 13 credit union executives and aims to drive competitiveness and improve the sustainability of credit unions in the digital financial ecosystem, according to a Wednesday (Sept. 4) press release.

“Together, we will explore cutting-edge technologies, identify innovative opportunities, engage in active participation for proof-of-concept (POC) initiatives and ultimately support and promote our Fintech Engagement Program across the credit union industry,” Velera Vice President of Innovation Vladimir Jovanovic said in the release.

The executives in the alliance will take part in POC planning and testing, giving feedback on POCs being developed by VIA members, per the release. They will also discuss their areas of focus for their respective credit unions and offer insights into criteria for partnering with FinTechs.

The PYMNTS Intelligence report “How FinTechs Can Align With Credit Union Innovation Agendas” found that most FinTechs view credit unions as collaborators instead of rivals.

The report examined how FinTechs are innovating to meet the financial needs of credit union members. It was based on a survey of 110 executives at FinTechs that provide services to financial institutions, as well as individual consumers.

Velera was previously known as PSCU/Co-op Solution before it rebranded in May.

The new name reflects the company’s dedication to driving velocity and positive momentum for credit unions.

“We are now Velera, and we are extremely proud of what we are creating with this new brand,” Velera President and CEO Chuck Fagan said in a statement. “We are energized for the future as we provide credit unions with a competitive advantage in an ever-evolving market, ultimately driving momentum for credit union missions across the country.”

In the PYMNTS eBook “Beyond the Horizon: How to Identify Unexpected Threats That Could Impact Your Business,” Fagan stressed the importance of credit unions’ ability to combat fraud.

“While uncertainty will always remain present in the payments and credit union industries, careful contingency planning and keeping a pulse on shifts and trends can help organizations be best prepared to overcome any challenges they face,” he said.

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