VeleraLIVE 2026: A CUSO in Transition

By John San Filippo

With the recent retirement announcement of long-time CEO Chuck Fagan, along with the 2024 merging of PSCU and Co-op Solutions into a single payments and technology powerhouse, the atmosphere at VeleraLIVE 2026 was one of emotional transition and technical ambition. Brian Caldarelli, Velera’s chief administrative officer and incoming CEO, noted that the leadership transition was a moment of pride for the management team. While the company has made bold decisions, the focus starting October 1 will be on "finishing the swing" on the integration of legacy PSCU and Co-op Solution, Caldarelli said. He clarified that he would not be making wholesale changes upon taking the helm, as the company already has a strong, aggressive strategy in place.

Brian Caldarelli

Chief Product and Technology Officer Denise Stevens echoed this sentiment on stage, describing the moment as a “strategic pivot.” She pointed out that Velera has invested millions into a central, cloud-native ecosystem designed specifically for the payments industry – a move intended to further move the organization from a reseller to a true technology provider.

The following event overview explores the executive leadership team’s vision and the foundational announcement regarding the new Velera Ecosystem (during various conference sessions), as well as exclusive interviews with Finopotamus.

Leadership in Transition: Finishing the Swing

The upcoming leadership change at Velera serves as a focal point for the organization’s current trajectory. Caldarelli will take the reins as CEO on October 1, 2026. During an onsite interview with Finopotamus, he explained that the management team revamped its strategic plan midway through the PSCU/Co-op integration, a move he described as aggressive and bold.

Caldarelli emphasized that his goal upon taking the helm is not to implement wholesale changes, but rather to execute the existing vision. He stated that the first part of the process is “finishing the swing” on the integration. He further noted that the company is focused on the next phases of technology and innovation, particularly as they relate to the rapid, daily changes in the artificial intelligence (AI) landscape.

Regarding internal operations, Caldarelli was clear that Velera is looking for ways to use AI to solve specific problems and accelerate product development lifecycles, rather than as a tool to reduce headcount. He stated that using AI to simply cut staff is not who the company is or what they need.

The Architecture: Stellaris and Atmos

The technological heart of this “strategic pivot” is a dual-layered architecture designed to provide a unified, cloud-native experience for credit unions. Stevens, along with SVP of Technology Delivery Pam Brodsack, detailed how this ecosystem moves away from the “patchwork” of outdated systems.

The Foundation: Stellaris

Stellaris is the high-performance, real-time technology engine that drives every transaction and data flow within the Velera Ecosystem. Brodsack described it as a unified environment where the philosophy is to “build once and deploy everywhere.” This modular architecture is intended to ensure speed and resilience at scale while using open application programming interfaces (APIs) to allow credit unions to innovate alongside the CUSO. By moving away from outdated infrastructure, Velera and its credit unions can adapt much faster to new innovations and strengthen security across the board.

The Intelligence: Atmos

Sitting atop Stellaris is Atmos, which functions as the “intelligence orchestrator,” said SVP of Product Experience and Enablement Cody Banks. He noted that Atmos removes silos by allowing data, risk signals, and payments to flow through a single orchestrated layer.

The Atmos layer is defined by three distinct functional areas:

• Atmos Data: This functions as a neural data network that turns information into action, fueling personalization and predictive insights. It is designed to bring all information together to enable AI and connected experiences.

• Atmos Risk: This provides omnichannel fraud mitigation that is proactive and powerful. It shifts from simple authentication into understanding behavior in context, identifying normal behaviors to better segment out anomalies like scams and social engineering events.

• Atmos Payments: This is a holistic network for secure and flexible money movement that meets members wherever they are. It adds an intelligence layer for all types of payment capabilities, simplifying operations and accelerating the ability to add new experiences like Zelle for small business or instant payments.

The Data Paradox: From Warehouses to Insights

During a Finopotamus interview at VeleraLIVE, an especially candid discussion occurred with SVP of Enterprise Data and Experience Design Jeremiah Lot. He observed that credit unions have been hearing about “big data” for at least 20 years, yet many still struggle to derive value from it. He argued that while the industry has spent significant time building infrastructure to compile data, it failed to have the necessary conversations about how to turn that data into insights. Lot further explained that Atmos Data is intended to act as the “brain” of the ecosystem, allowing intelligence to flow between systems rather than just sitting in a warehouse.

A critical component of Lotz’s data strategy involves unstructured data, such as internal knowledge bases and procedural documents. He noted that while most organizations have clear owners for structured data, the room typically falls silent when someone asks who owns all the unstructured data.

He emphasized that AI requires access to this unstructured data to be effective but cautioned that AI is only as good as the information it sits on. This led to a discussion on two key technical concepts:

• Traceability: The ability to trace an AI-generated answer back to the original prompts and information sources.

• Explainability: The ability to understand why an AI gave a specific answer and ensuring it ties back to correct information.

Lotz also highlighted the upcoming launch of Intelligence Point, Velera’s next-generation analytics and intelligence platform, which will allow credit union employees to use natural language queries – similar to interacting with ChatGPT – to build reports and visualizations directly from their data.

Operational Tools: EngagePoint and Velera Connect

For credit union employees, the “ecosystem” is manifested through a set of upgraded tools used daily. Stevens identified two primary applications at the center of this user experience:

1. Velera Connect: This serves as a single, secure platform that unifies legacy myCo-op and Member Connect platforms. It is intended to be the primary “door” into Velera, offering improved visibility and a streamlined service experience.

2. EngagePoint: This modern application unifies the legacy Quick Assist and Springboard tools.

Brodsack explained that EngagePoint was built using the “best of the best” functionality from both legacy systems to ensure that employees felt the transition was an upgrade rather than a step backward. The new tool, he added, includes enhanced self-service capabilities and “walk-me” features to make it more intuitive for call center staff. Banks added that by using internal data to power these solutions rather than making external calls to third-party providers, the ecosystem has created more efficient and timely datasets for staff to use.

Regulatory Headwinds: The Illinois Example

Beyond technology, Caldarelli addressed the uncertain regulatory environment facing credit unions. He specifically pointed to the legislative challenges regarding Illinois House Bill 4951, which established the Interchange Fee Prohibition Act (IFPA). The IFPA prohibits credit card networks and financial institutions from charging interchange fees on the sales tax and gratuity portions of a transaction. Caldarelli characterized this as “bad legislation.”

Caldarelli noted that the alleged benefit of lower interchange costs for merchants primarily favors major retailers, who take up 80% to 90% of that benefit, rather than small businesses. He highlighted the punitive nature of the legislation, which includes fines of $1,000 per transaction for non-compliance. Velera is partnering closely with America’s Credit Unions and various leagues to educate regulators on why such legislation is detrimental to the overall payment system, he explained.

Future Predictions: Personalization and Playoffs

As each interview concluded, Finopotamus asked each interviewee to make a prediction on any topic of their choosing.

• Caldarelli predicted that his Tampa Bay Buccaneers would reach the first round of the playoffs this year after re-signing Baker Mayfield.

• Lotz predicted that the types of jobs today’s high school freshmen will enter in the next four to eight years will be roles that have not even been created yet.

• Brodsack and Stevens both predicted a significant increase in AI-driven personalization, though they warned of a necessary “right-sizing” of AI as the industry grapples with governance and resource consumption.

Caldarelli explained that VeleraLIVE 2026 and the Velera Ecosystem represents a strategic pivot—not just a new platform, but a movement designed to reshape the future. With the Stellaris engine and Atmos intelligence layers now public, he said Velera aims to prove that a cooperative-owned provider can move with the speed and agility of a modern fintech.