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Credit union service organization CULedger is making its first KYC-compliant digital identity service MemberPass commercially available.
In a press release detailing the launching, CULedger announced that MemberPass is a member-controlled, interoperable decentralized digital credential that uses a peer-to-peer (P2P) network. Private agents are working in conjunction with the distributed ledger to give the credit union members a lifetime portable digital ID.
They tested the system at their call center operation for high-risk transactions. The members verified their identities using the voice, fingerprint or facial recognition biometric function on their smartphones. The trial proves successful based on the positive feedback it receives, so CULedger is making it available commercially.
“Our previous pilots have showcased the need in the industry and how members can benefit from heightened security. Allowing members to have control of their information provides a sense of security that has slowly disappeared from financial services and is becoming increasingly important in this new digital age,” said John Ainsworth, CEO, CULedger.
Achieva Credit Union, HawaiiUSA Federal Credit Union, and Eagle Express Federal Credit Union are the latest credit unions to join the MemberPass trial.
Earlier this month, CULedger announced the rebranding of MyCUID as MemberPass. Credit card company Barclaycard predicts that by 2022, 40% of all customer interactions will be based on decentralized identity which only demonstrates the need for credit unions to give its members access to “incorruptible, indisputable form of identification.”
“MemberPass represents the next generation of privacy-based business solutions that we are developing,” said Julie Esser, chief experience officer of CULedger.
“Our technology enables credit unions to accommodate their members’ needs in an innovative, modern way while ensuring their information remains safe. The new branding demonstrates members’ ability to utilize their MemberPass outside of the branch and transition a historically physical, risky interaction – identity verification – to a secure, private, digital method.”
Meanwhile, in December, CULedger reveals an EFT (electronic fund transfer) payment solution for credit unions called CUPay. The new payment system allows credit unions to send funds to their members domestically and internationally.
