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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Adrian Vasilescu – consilier de strategie al guvernatorului BNR

„O singură provizie am făcut, de card, pentru că nu mai umblu cu banii în buzunar. Banii sunt cei mai periculoși când este vorba de răspândirea unei molimi. Am renunțat la cash. În rest, este o prostie să faci provizii. Dacă vine o molimă și nici nu știi când va ajunge, dacă ar fi să se întindă, pe cât timp să poți să faci provizii? Faci provizii pe trei săptămâni, pe patru săptămâni și mai departe?”, a spus consultantul.

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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?
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