ONTARIO, Calif. Vero, LLC, a subsidiary of CU Direct, and Allied Solutions announced they have entered into a new strategic partnership for the delivery of innovative solutions to both the credit union and auto dealer markets.
As a result, Allied Solutions, a provider of insurance, lending and risk management solutions to financial institutions, is acquiring 30% ownership in Vero, a marketer and distributor of products for the credit union and auto dealer markets, the companies said. Vero’s core products include identity theft recovery solutions for credit unions and their members, as well as prepaid maintenance, Mechanical Breakdown Protection (MBP), Guaranteed Auto Protection (GAP) and after-market products for dealers.
The two companies said they will also collaborate on the development of dynamic lending solutions that will help credit unions not only remain competitive, but to further improve their lending processes and member experience, and drive more loans.
“Leveraging both companies expertise in the lending marketplace, the joint venture creates a greater value proposition for credit unions and dealers,” the companies said in a statement. The companies are currently packaging several automotive related products together into a simpler, more comprehensive solution for credit unions.”
The synergistic partnership between the two organizations creates a strong foundation for future product development, they added.
“Collaborating with a recognized industry force like Allied Solutions, we have a tenured distribution network in the credit union space to partner with, as we bring Vero’s innovative products and systems to market,” said Joe Annoreno, CEO of Vero, LLC. “Our mutual goal is putting the member first, as member experience and protection is at the core of our product development.”
“We are excited about this new partnership with Vero and how we can broaden the value proposition we provide our mutual clients and prospects. We plan to leverage the strength of all three entities to deliver industry leading solutions and results to the credit union market,” said Pete Hilger, president and CEO of Allied Solutions.
“CU Direct is committed to assisting credit unions improve their lending processes and member experience through innovative technologies,” said Tony Boutelle, president and CEO of CU Direct. “Partnering with Allied Solutions will advance efforts in bringing best in class solutions to credit unions.”