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Velera Debuts Real-Time Account Validation for Credit Unions
- Velera has introduced a new real-time account validation feature for credit unions, allowing them to process payments via the ACH network instantly.
- The tool helps credit unions verify account status and ownership, reducing fraud risks and enhancing digital experiences for members.
- It eliminates the standard five-day waiting period typically required for new or updated accounts.
- The tool incorporates predictive attributes, artificial intelligence, machine learning, and third-party data sources to enhance fraud prevention measures.
- It adds a layer of security to account validation to identify fraudulent accounts and reduce payment failures and ACH returns.
- The tool maintains user privacy through a non-credentialed verification process.
- This development aligns with credit unions adapting to meet the digital expectations of their members.
- Velera's collaboration with PYMNTS assesses credit unions' readiness in providing modern financial services.
- The "2025 Credit Union Innovation Readiness Index" emphasizes the importance of digital modernization for credit unions to stay competitive.
- Failure to adapt to digital services could threaten credit unions' relevance against traditional lenders.
- Top-performing credit unions have significantly increased their consumer innovation readiness in the past two years.
- These credit unions are now 49% closer to offering the full range of financial products desired by their members.
- The report emphasizes the importance for credit unions to evolve digitally to maintain market share in comparison to regional and national lenders.
- Velera's new account validation tool addresses the growing need for credit unions to enhance security and efficiency in their operations.
- The tool's real-time capabilities can help credit unions adapt to the digital landscape and meet the evolving needs of their members.
- The partnership between Velera and PYMNTS highlights the ongoing efforts to analyze and improve credit unions' innovation readiness.
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