PYMNTS MonitorEdge May 2024

Utilities Employees Credit Union Selects Velera for Card Processing Services

Utilities Employees Credit Union (UECU) has selected Velera to provide debit and credit card processing services and support.

Velera, which is a payments credit union service organization (CUSO) and integrated financial technology solutions provider, will begin providing those services for UECU in October, the companies said in a Thursday (June 13) press release emailed to PYMNTS.

“At UECU, we are committed to creating a financial cooperative that establishes and promotes financial well-being, with a goal of having our members feel they have a trusted financial partner for life,” Bret Krevolin, CEO at UECU, said in the release. “Our partnership with Velera is another step toward achieving this and a decision that we think will truly allow us to meet all of our members in their preferred channels and when they need us most.”

Headquartered in Wyomissing, Pennsylvania, UECU serves more than 50,000 members nationwide and holds $1.3 billion in assets, according to the release.

UECU operates a virtual credit union model that provides members with easy access to digital banking services and personalized assistance, wherever the members are located, the release said.

During its extensive search for a new partner, UECU focused on organizations’ card production and fulfillment capabilities, client service and communications, experience, client portals and applications, and disputes advocacy, per the release. After this search and a vetting process, it selected Velera.

“UECU’s dedication to delivering a seamless member experience aligns with Velera’s values,” Brian Scott, executive vice president and chief growth officer at Velera, said in the release. “We are pleased to have the opportunity to help UECU enhance its card programs and offerings, enabling the team to continue providing best-in-class service to its members.”

Velera was known as PSCU/Co-op Solutions before its rebranding that began in May.

Its partnership with UECU is the latest in a series of new collaborations. These include announcements that Maine-based cPort Credit Union joined the Co-op ATM network offered by Velera, that Hawaii-based Aloha Pacific Federal Credit Union tapped the CUSO for credit and debit card processing services and support, and that Maine-based NorState Federal Credit Union selected the CUSO to provide debit and credit card processing services and support.