Velera Debuts Real-Time Account Validation for Credit Unions

Credit union service organization Velera has debuted a new account validation function.

This tool, announced Wednesday (June 11), is available across Valera’s online, digital and mobile channels, letting the group’s credit unions process payments across the ACH network in real time.

“By enabling real-time account validation, Velera is helping credit unions streamline onboarding, reduce fraud risk and deliver faster, more secure digital experiences to their members,” Cody Banks, senior vice president for product experience and enablement at Velera, said in a news release provided to PYMNTS.

“This enhancement underscores Velera’s commitment to continuous innovation and empowers credit unions with the tools they need to serve today’s digital-centric member.”

According to the release, the tool lets credit unions verify account status and ownership to ensure they are ACH capable, letting them immediately confirm account status and ownership by eliminating the standard five-day wait period when a new account is added or updated.

The tool also includes predictive attributes, artificial intelligence (AI) and machine learning and an extensive network of third-party data sources to help credit unions prevent fraud.

“With an added layer of security inherent in the account status and ownership validation process, the tool will better identify fraudulent accounts and reduce the risk of payment failures and ACH returns,” the release said. “In addition, by utilizing a non-credentialed verification process, the tool ensures user privacy is maintained without compromising the accuracy and reliability of account validation.”

The new tool is arriving at a time when credit unions have begun to “align their offerings with the expectations of their digital-minded members,” as PYMNTS wrote earlier this week.

PYMNTS Intelligence’s Innovation Readiness Index, a collaboration with Velera, examines how well credit unions’ offerings line up with what their members want from a modern financial institution, from credit cards with perks and financial planning apps to digital onboarding and the ability to apply for credit products online.

“Based on surveys of credit union executives, consumers and small to medium-sized businesses (SMBs), the coming report shows that top-performing credit unions have boosted their consumer innovation readiness substantially over the past two years and are now 49% closer to offering the complete suite of financial products and features their members want,” PYMNTS reported.

The findings in “2025 Credit Union Innovation Readiness Index” highlight that a failure to modernize, especially when it comes to digital services, poses a major threat to credit unions’ relevance and market share against traditional lenders, both regional and national.