Velera Introduces Card on File Solution for Credit Union Cardholders

Credit union service organization (CUSO) Velera introduced its Card on File solution that enables cardholders to update payment methods across more than 115 merchants.

Card on File solves a key pain point among cardholders by eliminating the need to update their credentials directly in each account, the company said in a Wednesday (Jan. 29) press release.

“This solution will help credit unions deliver a comprehensive and user-friendly cardholder experience, relieving the burden of replacing cards on file and ultimately increasing member satisfaction to earn top- and share-of-wallet status, alongside strengthened loyalty,” Cody Banks, senior vice president of product experience and enablement at Velera, said in the release.

In addition to boosting cardholder satisfaction by updating their stored credentials, Velera’s Card on File solution is likely to reduce card declines and missed payments by putting cardholders in control of recurring online payments, according to the release.

It’s also likely to increase credit unions’ transaction volume by making the cards they issue the ones cardholders are most likely to keep on file with merchants, the release said.

Card on File is available through Velera’s DX Online and DX Mobile platforms, along with APIs, per the release.

Card on File is the latest of several capabilities Velera has added to its offerings.

In December, Velera partnered with nonprofit organization The Knoble to combat human crimes like human trafficking, child exploitation, financial scams, elder abuse and other forms of exploitation. The Knoble works with financial services partners to show how financial clues can be used to fight human crimes.

In October, Velera teamed up with another CUSO, RAI Partners, to offer credit unions access to solutions that include turn-down programs and portfolio acquisitions. RAI Partners’ turn-down programs are designed to help credit unions accept credit card applicants who would otherwise be declined, while its portfolio acquisition suite helps credit unions optimize and grow their acquired credit card portfolios.

Velera also launched a collaboration with Arroweye Solutions in October, saying it chose that company as a provider of card production, personalization and fulfillment for Velera’s debit and credit card portfolio. The tie-up allows Velera and its partner institutions to launch new card programs in days instead of months and to offer “totally dynamic” card personalization across card details, carriers and inserts.