Velera to Provide Card Processing Support to Vermont-Based 802 Credit Union
Vermont-based 802 Credit Union (802CU) has selected credit union service organization (CUSO) Velera to provide debit and credit card processing support.
Velera will begin providing debit card processing support to the credit union in September and credit card processing services in March 2026, the companies said in a Tuesday (April 29) press release emailed to PYMNTS.
“Velera hit the mark with everything we set out to find in our search for a new partner: quality services, shared values and strategic goals, open communication and easy integration to create added value and positive change for our members,” 802CU Vice President of Operations Kate Boudreau said in the release.
Brian Scott, executive vice president and chief growth officer at Velera, said in the release that the two companies share a philosophy of “people helping people.”
“We look forward to working in lockstep with their team to deliver industry-leading products and services, as well as an elevated member experience,” Scott said.
Velera serves more than 4,000 financial institutions throughout North America, according to the release. Together with payment processing, the CUSO offers fraud and risk management, data and analytics, digital banking, instant payments, strategic consulting, collections, ATM and point of sale networks, shared branching and member support.
Credit unions are leveraging partnerships to accelerate their innovation agendas, according to the PYMNTS Intelligence and Velera collaboration, “Roadmap to 2030: The Seven Strategic Planks for Credit Unions to Capture Top of Mind.”
The report found that credit unions with over $5 billion in assets are, on average, developing 8.4 products and features either fully or partially through collaborations with third parties.
For credit unions, partnerships like these can speed innovation cycles, meeting demands for streamlined virtual card provisioning and other offerings, Velera President and CEO Chuck Fagan told PYMNTS in an interview posted April 2.
“Speed on the back end of innovation is one of those areas where smaller FIs must take advantage,” Fagan said. Otherwise, banking clients, particularly younger ones, will be quick to move to a credit union’s competitor.
In January, Velera introduced its Card on File solution that enables cardholders to update payment methods across more than 115 merchants.
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