Velera, a major credit union service organization, has announced a new strategic partnership with Kinective, a leader in banking technology. This collaboration aims to accelerate the development and deployment of new financial software for credit unions. At the heart of this alliance is Kinective’s Gateway platform, which simplifies the complex process of integrating new fintech products with existing core banking systems, promising faster innovation and reduced costs for financial institutions.
A Strategic Alliance to Overcome Integration Hurdles
For years, a significant roadblock for financial technology companies has been the difficult and costly process of connecting their software with the many different core banking systems used by credit unions and banks. This integration challenge often leads to long development delays and high expenses.
Kinective’s Gateway platform is designed to solve this exact problem. It acts as a universal bridge, offering a single point of integration that connects new fintech solutions to numerous core systems simultaneously. This breakthrough allows companies like Velera to bypass the need for custom, one-off integrations for each client.
“We are committed to empowering credit unions with leading-edge solutions,” said Chuck Fagan, President and CEO of Velera. “With Kinective’s Gateway, we can better and more efficiently deploy new products, providing our credit union clients with a competitive edge.”
How Kinective Gateway is Changing the Game
The introduction of the Kinective Gateway platform represents a major shift in how financial technology is developed and launched. By removing the traditional integration barriers, the platform provides a clear path for rapid innovation.
This streamlined approach delivers several key advantages that directly impact the speed and cost of bringing new products to the financial market.
- Simplified Connections: Gateway drastically reduces the complexity of linking new products with diverse core banking systems.
- Faster Time-to-Market: Velera can now roll out new solutions more quickly, as the need for individual integration projects is eliminated.
- Significant Cost Reduction: Less custom development work translates into major savings for both Velera and the credit unions it serves.
Stephen Baker, CEO of Kinective, highlighted the platform’s power, stating that it can “unlock the potential of fintechs by removing the traditional barriers that have long delayed product development and rollout.”
What This Means for Credit Unions
In today’s fast-paced financial world, credit unions often find it challenging to keep up with the technological advancements of larger banks. This partnership levels the playing field by giving these institutions quicker and more affordable access to advanced technology.
With consumer demand for modern digital banking, robust fraud protection, and instant payment options on the rise, the pressure to innovate has never been greater. The Velera-Kinective alliance directly addresses this need, ensuring credit unions can continue to offer top-tier services to their members.
| Gateway Feature | Direct Impact on Credit Unions |
|---|---|
| Streamlined Integration | Faster implementation of new software and tools. |
| Cost Reduction | Lower operational expenses and technology costs. |
| Enhanced Innovation | Access to a wider range of modern fintech solutions. |
A Vision for the Future of Financial Technology
Velera, which recently rebranded from PSCU/Co-op Solutions, has a long history of supporting the credit union sector. Serving over 4,000 financial institutions, the organization is doubling down on its commitment to drive growth and innovation through this new collaboration.
The partnership is more than just a business deal; it’s a strategic move to prepare the credit union industry for the future. By combining Velera’s deep industry experience with Kinective’s cutting-edge technology, the two companies are creating a powerful ecosystem for change.
As fintech continues to reshape banking, such collaborations are becoming essential. For credit unions, this means better tools to serve their communities. For the industry, it signals a new era of faster, more accessible innovation.
