Velera, the St. Petersburg, Fla.-based payments CUSO and integrated fintech provider, has launched a new real-time account validation feature across its digital platforms to enhance ACH payment efficiency and fraud prevention for credit unions.
The tool enables credit unions to immediately verify account status and ownership, eliminating the traditional five-day wait period when adding or updating accounts. By reducing delays in transaction initiation, the new functionality aims to streamline onboarding and improve the member experience for both personal and business accounts.
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“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, SVP of product experience and enablement, said.
The solution complies with all Nacha Operating and WEB Debit rules and leverages predictive attributes, artificial intelligence and a wide network of third-party data sources to validate account authenticity. It uses a non-credentialed verification method, maintaining user privacy without compromising accuracy.
This added layer of fraud protection is expected to reduce the risk of ACH payment failures, returns and the use of fraudulent accounts.
Available immediately through Velera’s Digital Card Management, DX Online and DX Mobile platforms, the tool reinforces Velera’s ongoing commitment to innovation and digital security.
Velera serves more than 4,000 financial institutions across North America, offering solutions in payments, risk management, digital banking and more.
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Michael Ogden
Editor-in-Chief at CU Times. To connect, email at [email protected]. As Editor-in-Chief of CU Times since 2016, Michael Ogden has led the editorial team in all aspects of content strategy and execution, including the creation of the publication’s exclusive and proprietary research database of the credit union industry’s economic landscape. Under Michael’s leadership, CU Times has successfully shifted to an all-digital editorial product with new focuses on the payments, fraud, lending and regulatory beats. Most recently, he introduced a data-focused editorial product for subscribers that breaks down credit union issues into hard data, allowing for a deeper and more factual narrative for readers. In 2024, he launched the "Shared Accounts With CU Times" podcast, which offers a fresh, inside-the-newsroom perspective through interviews with leaders from the credit union industry and the regulatory world. He dives into pressing credit union issues, while revealing the personalities working behind-the-scenes to push the credit union world forward. His background includes years as a radio and TV anchor/reporter and a public relations and digital/social media manager, where he covered the food and music industries, as well as cooperatives and credit unions. Over the years, he has launched numerous exclusive video and podcast series, including a successful series of interactive backstage interviews with musicians at music festivals, showcasing his social media and live streaming production skills.
