St. Petersburg, Fla. (Jan. 29, 2025) – Velera – formerly PSCU/Co-op Solutions, the nation’s premier payments credit union service organization (CUSO) and an integrated financial technology solutions provider – today announced the introduction of its Card on File solution, which enables cardholders to seamlessly update payment methods across more than 115 merchants.

Now commonplace in the increasingly digital age, card on file transactions are those made using cardholders’ stored account credentials to execute purchases with authorized merchants, often for recurring or subscription payments. Available through Velera’s DX Online and DX Mobile platforms, along with APIs, Card on File will provide credit unions with the ability for cardholders to push new or updated credentials to merchants, allowing for real-time updates and eliminating the need for cardholders to go into each account and update their credentials directly – a key source of dissatisfaction in critical moments when outdated cards on file lead to lost transactions. In addition, by putting cardholders in full control of recurring online payments, members should see a reduction in card declines and missed payments.

“Velera’s Card on File product provides a direct answer to a key pain point among cardholders, who are conditioned to expect frictionless digital and mobile experiences – whether from e-commerce service providers like Amazon and Netflix or from their trusted financial institution partner,” said Cody Banks, SVP, Product Experience & Enablement, Velera. “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.”

Beyond the key member benefits of this solution, Card on File also has the potential to increase credit unions’ transaction volume. Once members experience the ease and convenience of Card on File, they will likely choose to keep their credit union-issued card on file with other merchants moving forward, generating increases in revenue from interchange, interest and member lifetime value.

Velera’s Card on File solution is now available to financial institutions through DX Online and DX Mobile.

About Velera

Velera, formerly PSCU/Co-op Solutions, is the nation’s premier payments credit union service organization (CUSO) and an integrated financial technology solutions provider. With over four decades of industry experience and a commitment to service excellence and innovation, the company serves more than 4,000 financial institutions throughout North America, operating with velocity to help its clients keep pace with the rapid momentum of change and fuel growth in the new era of financial services. Velera leverages its expertise and resources on behalf of credit unions and their members, offering an end-to-end product portfolio that includes payment processing, fraud and risk management, data and analytics, digital banking, instant payments, strategic consulting, collections, ATM and POS networks, shared branching and 24/7/365 member support via its contact centers. For more information, visit velera.com.