Blockchain-based ID system for credit union members made commercially available

24 februarie 2020

Following successful pilots, blockchain outfit CULedger is making its digital identity service MemberPass (formerly called MyCUID) commercially available.

Developed by credit union-owned CULedger, MemberPass is a KYC-compliant, member-controlled, interoperable decentralised digital credential. It uses a P2P network of distributed, private agents working in parallel with the distributed ledger to give credit union members a lifetime portable digital ID.

CULedger, a credit union service organization (CUSO) that delivers a trusted, peer-to-peer services network of verifiable digital exchange for credit unions, announced the addition of three more credit unions to their MemberPass pilot program.

„MemberPass, formerly known as MyCUID, allows credit unions to offer the simplest, most secure way to connect with their members. Being the first KYC-backed digital credential, members are in control of their identity, giving them a standardized way to verify themselves to their credit unions.”, according to the press release.

“Offering MemberPass will allow for our members to experience an entirely new sense of security with their information,” said John Wintermeier, Chief Business Officer at Achieva Credit Union. “Their ability to be in control of the verification process and truly own their information is really accelerating the industry in terms of security standards, and we are excited to be starting our implementation later this year.”

CULedger’s MemberPass program currently has 11 credit union organizations committed and in various stages of deployment.  As announced in December, UNIFY, TruWest and Desert Financial have successfully completed their MemberPass pilots, which provided valuable feedback from the members themselves. This feedback has been used to make adjustments to MemberPass so subsequent users can have an even more seamless experience.

“MemberPass gives credit unions the ability to remain a truly trusted financial partner for members by showing the importance of keeping their identity safe and in their hands,” said Karl Yoneshige, President/CEO at HawaiiUSA Federal Credit Union. “HawaiiUSA is excited to be one of the 11 credit unions piloting MemberPass, with our pilot deployment scheduled for later this year. We are thrilled to provide this upgraded security measure to our members.”

Achieva, HawaiiUSA and Eagle Express are utilizing MemberPass for their digital credential when members call into their contact centers. MemberPass has the ability to replace their traditional Knowledge Based Authentication (KBA), resulting in a significant decrease in overall call time as well as potential fraud reduction.

“MemberPass was created to truly address core privacy issues that were taking credit unions by storm. By producing this global digital credential to showcase one’s identification outside of the normal KBA approach, credit unions and their members will benefit from a safer experience with the knowledge that their information is secure and, in their hands,” said John Ainsworth, president and CEO of CULedger. “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.”

Based on the feedback received from completed pilots and from members themsevles, MemberPass is now commercially available.

More about CULedger 

CULedger – the premier platform of digital exchange for financial cooperatives globally

Denver-based CULedger is a credit union-owned CUSO (credit union service organization) that is creating the premier platform of digital exchange for financial cooperatives globally. In working through a national consortium made up of credit unions and trusted industry investors, CULedger has pioneered new developments related to global self-sovereign decentralized identity, MemberPass, that will further enhance the trust credit unions have with their members. CULedger provides advantages to credit unions and their members by reducing risks associated with cybersecurity and fraud, improving member experience, streamlining internal processes and reducing administrative and operational costs.

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Gabriela Nistor – director general adjunct BT

Tendinţele pe care le-am remarcat înainte de începerea pandemiei s-au accelerat pe perioada stării de urgenţă. Am văzut acest lucru ca o oportunitate, un tipping point pentru bancă. Post-pandemie nu avem cum sa ne întoarcem la comportamentul financiar pe care îl aveam până în februarie a.c. Relaţia românilor cu online-ul s-a schimbat. In plus, cardul fizic se va dematerializa. Vom asista la o scădere a cererii pentru cardurile fizice, respectiv la o creştere a preferinţei pentru componenta digitală a acestora.”


In 23 septembrie 2019, BNR a anuntat infiintarea unui Fintech Innovation Hub pentru a sustine inovatia in domeniul serviciilor financiare si de plata. In acest sens, care credeti ca ar trebui sa fie urmatorul pas al bancii centrale in 2020?