Credit union innovation hinges on payment speed and security

In an era of rapid technological advancement, there remain certain immutable aspects — particularly for payments.

When it comes to the way businesses and consumers transact, speed, security and convenience are far from ever going out of style.

As Scott P. Young, senior vice president of emerging services at Velera, told PYMNTS for the series “What’s Next in Payments: Payments Modernization,” those three pillars are where the great potential for innovation lies.

Credit unions especially, being known for their community-focused and member-centric approach, are facing unique opportunities and challenges as they navigate the waters of payments modernization, Young explained. Convenience, speed and security, as well as value, are becoming increasingly crucial as end-user expectations evolve.

 

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