CPI Card Group Inc. (NASDAQ: PMTS) has renewed a multi-year service agreement with Velera, extending a strategic partnership that spans more than 20 years. Under the renewed agreement, CPI will continue as Velera's primary partner for payment card programs.

Velera operates as a credit union service organization supporting more than 4,000 credit unions across North America. The company provides payment solutions and technology designed to help credit unions operate securely and at scale.

"Our credit unions rely on payment solutions that help them remain relevant and competitive for their members," said Cody Banks, SVP, Product Experience & Enablement at Velera. "For more than two decades, we've trusted CPI to support our needs."

CPI Card Group provides payment cards and digital solutions to financial institutions, processors, fintechs, and prepaid program managers. The company serves thousands of U.S. financial institutions through its payments technology platform.

Through the agreement, CPI will continue supporting Velera's financial institutions across debit and credit card portfolios. Peggy O'Leary, Chief Commercial Officer at CPI, said the renewed agreement reflects "a shared focus on quality, scale and long-term value for Velera and the credit unions they support."

The partnership renewal comes as financial institutions balance modernization efforts with maintaining reliable payment infrastructure for everyday debit and credit programs. The agreement provides continuity for credit unions in managing their card portfolios.

Information in this article is based on a company press release.