PSCU
| Company type | Private |
|---|---|
| Industry | Financial services, fintech |
| Founded | 1977 |
| Headquarters | St. Petersburg , United States |
Area served | United States |
Key people | Charles "Chuck" Fagan (CEO) |
| Products | Credit, debit ATM, prepaid card processing, electronic banking, bill payment solutions |
Number of employees | 5000+ |
| Parent | Velera Holding Company (post-merger) |
Velera, previously known as Payment Systems for Credit Unions or PSCU, stands as the largest service organization dedicated to credit union operations in the United States. Established in 1977 and headquartered in St. Petersburg, Florida, Velera offers services including credit, debit ATM, prepaid card processing, electronic banking, and bill payment solutions.
History
PSCU was founded in 1977 by a coalition of five credit unions located in Florida. In 2009, the company introduced a mobile banking platform compatible with iOS devices and simultaneously launched its CardLock fraud prevention system. By August 2012, PSCU became the pioneer in issuing Visa prepaid EMV cards. Starting that same year, it began hosting an annual 24-hour innovation challenge aimed at advancing banking technology.
The year 2013 saw PSCU collaborate with MasterCard to provide MasterPass services to credit union members, while also selecting PricewaterhouseCoopers for auditing and tax-related functions. That year, PSCU inaugurated a $2.9 million data center in Phoenix, Arizona and initiated the "Make Your Money Matter" campaign to raise awareness about the differences between credit unions and traditional banks.
In 2014, PSCU secured a patent for its CardLock fraud prevention technology, which by 2015 was adopted by 250 credit unions. This program also earned recognition at South by Southwest as the best educational website. In March 2015, Chuck Fagan—previously president of the Credit Union Executive Society—assumed the role of CEO. Additionally, PSCU received a Stevie Award for Contact Center of the Year within Financial Services during that period.
The organization collaborated with Colonial Williamsburg to develop electronic educational initiatives for schools across the United States.
In November 2023, PSCU revealed plans to merge with California-based fintech company Co-op Solutions, forming an enterprise employing over 5,000 individuals and generating $1.3 billion in annual revenue. The merger, expected to finalize by the end of 2023, will unify operations under a holding company headquartered at PSCU’s location, with CEO Charles "Chuck" Fagan leading the combined firm. This strategic move is intended to establish the company as a leading fintech provider emphasizing innovation and expansion amid changing payment technologies. Prior investments included enhancements in digital technology infrastructure and acquiring Juniper Payments LLC to improve payment processing efficiency.
Following the merger, the combined entity initially operated under the name PSCU/Co-op Solutions before rebranding as Velera in January 2024. The "Co-op Solutions" brand continues to be utilized for its ATM network and shared branching services.