NASHVILLE, Tenn.–The combined company formed by the merger of PSCU and Co-op Solutions has introduced its new name: Velera.
The new name, which represents a combination of “velocity” and a “new era,” was introduced during the company’s THINK Conference here where nearly 800 people are in attendance. This year’s THINK event, a long-time popular offering from Co-op Solutions, will be its last. (CUToday.info has an overview of many of the highlights shared during THINK conferences here.)
In introducing the new branding, CEO Chuck Fagan said, “As we look to the future we must confront a rapidly evolving landscape, a new era characterized by technological disruption, shifting consumer expectations, and an increasingly complex regulatory environment in the face of these challenges. We have a choice--we can maintain the status quo or accelerate them. To help our credit unions keep up with the rapid momentum of change, we're here to provide you with velocity for a new era poised to propel the growth of our credit unions.”
Fagan said the “deeper meaning” behind the new branding includes the “unique ability” of the combined organization to drive velocity and positive momentum into the future, and it “signifies our commitment to innovation as we embrace new technologies and digital solutions to enhance the member experience and streamline operations.”
Fagan said the introduction of the new brand will proceed over a period of months, and that the Co-op brand will be retained for the consumer-facing ATM network and for shared branches.
Shared Vision
“PSCU and Co-op Solutions have been industry leaders for more than 40 years, so we understood the history and emotion inherent to each brand. We undertook this rebranding with a commitment to creating a new organization that would capture our shared vision and the future direction of our company,” said Velera Chief Marketing and Communications Officer Tom Pierce in statement. “Our new brand identity is more than just a logo or a tagline – it is a promise to enable our credit unions, the industry and our employees by continuing to provide the technology and the human-centric, inspired service that powers our organization.”
For more information on the Velera brand, visit www.velera.com.
Additional Updates
In addition, Fagan offered the meeting an update on the progress of the merger, which is now in its fifth month. The company expects full integration to take between 18 and 24 months, and many units continue to operate separately.
Fagan shared the combined revenues of the company are more than $1.3 billion. It processes more than 16 billion transactions annually, and has more than 4,000 financial institutions as members or clients.
Fagan said the vision is for the “combined organization to further evolve as an integrated financial technology solutions provider and to be the premier fintech solutions provider for credit unions.
He shared with the THINK audience a message similar to that shared with the company’s Member Forum in April. His full message to that meeting can be found here.