The Inaugural Velera Live Is in the Books
- John San Filippo
- 3 minutes ago
- 4 min read
By John San Filippo
Although the CUSOs merged at the start of last year, both PSCU and Co-op Solutions held respective conferences as scheduled. PSCU held its Member Forum in San Antonio and later, Co-op Solutions held THINK in Nashville, Tenn. Velera was introduced as the new name for the organization at THINK. The new, combined Velera Live conference was held April 14-16 in Denver at the Gaylord Rockies Resort and Convention Center.
The 14th was primarily a registration day, with the conference starting in earnest on the 15th. That day got off to a rocky start due to a power outage in the area. Instead of the typical hot breakfast, attendees were treated to cold cereal, yogurt and various pastries. Beverages offered included Red Bull and bottled Starbucks coffee.
The opening session was pushed to the afternoon, but it proved worth the wait.
For Starters
Velera CEO Chuck Fagan kicked things off, thanking everyone for their patience with the earlier technical hiccups and welcoming the 2,000 attendees to Denver for the inaugural Velera Live, emphasizing the conference theme, “Velocity for a New Era.” He highlighted the momentum Velera has been building since the merger, stating, “When we launched Velera, we set out to redefine what it means to be a true partner to credit unions.” He asserted the CUSO is delivering on that mission.
Fagan underscored the current economic challenges – “inflation, economic volatility, shifting regulations, potential tax implications, and an unpredictable political landscape” – and how credit unions need a reliable partner like Velera to navigate these uncertainties. He emphasized the importance of collaboration, saying, “Collaboration has always been the foundation of the credit union movement,” noting the example of shared branching.
Fagan then shifted to Velera’s financial performance. He announced record revenue of $1.4 billion in 2024, attributing this success to their cooperative model. He noted, “Our cooperative model continues to deliver scaling in innovation, keeping cost competitive, and ensuring long-term sustainability.” He reminded the audience that as a CUSO, Velera is “not beholden to quarterly numbers or earnings reports” and prioritizes credit union interests.”
Progress on Integration
Brian Caldarelli, chief administration officer, joined the stage to discuss integration efforts, stating, “What a difference a year makes.” He highlighted achievements such as aligning teams, strengthening cybersecurity, finalizing their facility strategy (including a new headquarters in Tampa, Fla.), and launching the new Velera brand. He also noted website updates and reminded everyone to update their bookmarks for Velera.com.
Caldarelli emphasized their “people-first philosophy,” reiterating that “Velera is a service company.” Importantly, he shared that the CUSOn is on track to combine patronage rules in 2026, ahead of their initial five-year projection. Also, legacy Co-op members can look forward to a dividend in 2025.
More Insight from Fagan
Fagan returned to the stage, introducing Velera’s new purpose statement, which replaces both the organization’s mission and vision statements: “We accelerate partner success through innovative financial technology solutions and inspired service.” He elaborated on this, stating, “Velera is committed to advancing our partner’s growth and ensuring a positive impact on the consumer experience.”
He then outlined Velera’s four-pillar strategy: delivering a next-generation payment package, protecting partners through industry-leading fraud protection ( “I’ve never seen fraud like were seeing right now.”), improving the member experience through enhanced digital capabilities (“The utilization of digital channels...continues to skyrocket.”), and leveraging data to empower exceptional member experiences (“Data is a very powerful tool.”).
Expanding on these pillars, Fagan discussed four key areas:
Service: He highlighted Velera’s “multi-layered service model” and introduced Chris Watkins, the new senior vice president of Client Delivery.
Innovation: Fagan showcased the partnership with the University of Illinois Community Credit Union and their impressive loan approval times, emphasizing how Velera is “enabling credit unions to provide members… with the speed that consumers demand today.” He also mentioned the Fintech Engagement Program and the Velera Innovation Alliance.
Data and Consulting: Fagan also discussed investments in a cloud-first data platform called Atmos, and the Advisors Plus consulting division.
Technology: He emphasized Velera’s “cloud-based API-first approach” and their ongoing migration to Azure.
A Shared Journey
Fagan transitioned to the product journey, noting, “Unlike this Denver area, we’re not going dark,” referring to the earlier technical difficulties. He underlined Velera’s commitment to gathering client feedback, organizing solutions into four categories focused on enhanced member experiences, protection, operational optimization, and growth. He highlighted new solutions like Token Management and Amazon One, as well as upcoming platform upgrades such as EngagePoint (combining QuickAssist and Springboard) and Velera Connect (replacing Member Connect and My Co-op).
Next, Fagan provided an update on Lumin Digital, mentioning its growth and recent $75 million investment from credit union clients. He encouraged attendees to meet the Lumin team at the Solutions Showcase. He shifted to risk mitigation, introducing Dean Michaels, chief operations officer.
Always Vigilant
Michaels addressed fraud, proudly reporting that Velera stopped nearly $3 billion in fraud, but acknowledging that $150 million still got through. He highlighted a 1753% average return on investment (ROI) for clients on fraud prevention investments. Michaels also announced a new tiered fraud service model (Essential, Premier, and Enhanced) tailored to credit unions’ individual needs. He drew attention to the Velera white paper on “consumer engaged fraud.”
Continuing on the topic of disputes, Michaels acknowledged past challenges and highlighted significant improvements made in their processes, with an 80% reduction in ServiceNow tickets. He outlined future enhancements, including API connections, intake automation, and the Resolution Center platform.
Moving Forward
Fagan returned to acknowledge the achievements of retiring Chief Technology Officer Tom Gandry. He highlighted the company’s strong employee engagement and numerous awards received. Fagan introduced Velera’s new values: “dedication, collaboration, belonging, curiosity, and integrity.” He also discussed Velera’s philanthropic efforts, including the Miracle Momentum Awards, support for Children’s Miracle Network Hospitals, and partnerships with credit union-focused programs through Junior Achievement and Credit Union House on Capitol Hill.
In his closing remarks, Fagan emphasized Velera’s continued momentum, commitment to innovation, and advocacy for the credit union industry. He urged support for America’s Credit Unions’ lobbying efforts in Washington, D.C. and acknowledged Jim Nussle’s retirement as CEO from CUNA. Fagan concluded by reinforcing the importance of collaboration, stating, “When we join forces, we don’t just build better businesses; we build stronger communities, brighter futures, and a legacy that will endure for generations to come.” He expressed his gratitude to the attendees and emphasized, “We are just getting started!”