Credit union service organization (CUSO) Velera has begun providing card processing solutions to BrightStar Credit Union, which services about 60,000 members in South Florida.
The CUSO started providing credit card processing support to the credit union in June and will add debit card processing services by the end of September, Velera said in a Thursday (Sept. 12) press release emailed to PYMNTS.
“As a CUSO, Velera shares a unique understanding of our needs and values, fostering a partnership that is built on mutual goals and trust,” Natasha Schneider, vice president of finance at BrightStar, said in the release. “Its state-of-the-art card processing solutions bring enhanced functionality to our cardholders, offering advanced features such as contactless payments, real-time transaction alerts, seamless mobile integration and robust fraud protection.”
BrightStar joins more than 4,000 financial institutions across North America that are served by Velera, which was formerly PSCU/Co-op Solutions, according to the release.
Brian Scott, executive vice president and chief growth officer at Velera, said in the release: “Velera and BrightStar Credit Union share a commitment to providing innovative solutions and best-in-class service. We are extremely pleased to have the opportunity to help BrightStar enhance its member experience across the South Florida community.”
This news comes about a week after Velera announced an expanded partnership with HawaiiUSA Federal Credit Union that saw the CUSO adding debit card processing support to the credit card processing support it already provided to the Honolulu-headquartered credit union. HawaiiUSA delivers services to more than 132,000 members.
In another recent move, the CUSO said Sept. 4 that it launched the Velera Innovation Alliance (VIA), a coalition of 13 credit union executives that aims to drive competitiveness and improve the sustainability of credit unions in the digital financial ecosystem.
Together with Velera, the executives will take part in proof-of-concept (POC) planning and testing, give feedback on POCs being developed by VIA members, discuss their areas of focus for their respective credit unions and offer insights into criteria for partnering with FinTechs.
Keeping a pulse on shifts and trends can help organizations prepare to overcome any challenges they may face, Velera CEO Chuck Fagan wrote in the PYMNTS eBook, “Beyond the Horizon: How to Identify Unexpected Threats That Could Impact Your Business.”
“With the right tools and protocols in place, along with a willingness to be flexible and resilient, organizations can be well positioned to navigate the remainder of 2024 and enter the next year ready to succeed,” Fagan wrote.
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