Velera Adds Real-Time Account Validation Functionality to Digital Channels

Cody Banks

​Velera, the nation’s premier payments credit union service organization (CUSO) and an integrated financial technology solutions provider, announced today it has added an account validation function to its suite of online, digital and mobile channels, enabling Velera credit unions to process payments across the ACH network in real time.
 
The tool, which meets all Nacha Operating and WEB Debit rules, will allow Velera credit unions to verify account status and ownership to ensure they are ACH capable. This will enable credit unions to immediately confirm account status and ownership by eliminating the traditional five-day wait period when a new account is added or updated, significantly reducing the time between account setup and transaction initiation to provide a more seamless member experience. The real-time account validation functionality is available across both personal and business accounts.
 
Powered by predictive attributes, AI/machine learning and an extensive network of third-party data sources, the new functionality will also help prevent fraud. With an added layer of security inherent in the account status and ownership validation process, the tool will better identify fraudulent accounts and reduce the risk of payment failures and ACH returns. In addition, by utilizing a non-credentialed verification process, the tool ensures user privacy is maintained without compromising the accuracy and reliability of account validation.
 
“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,” said Cody Banks, SVP, Product Experience & Enablement, Velera. “This enhancement underscores Velera’s commitment to continuous innovation and empowers credit unions with the tools they need to serve today’s digital-centric member.”
 
The new functionality is now available to all Velera credit unions through Digital Card Management, DX Online and DX Mobile.

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