Blockchain Initiative CULedger Adds Three Credit Unions To MemberPass Pilot Program

Credit union industry blockchain initiative CULedger has announced the addition of three more credit unions to its MemberPass pilot program.

CULedger is a credit union service organization (CUSO) that delivers a trusted, peer-to-peer services network of verifiable digital exchange for credit unions. 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.

In a press release, CULedger said that Dunedin, CULedger FL-based Achieva Credit Union; Honolulu, HI-based HawaiiUSA Federal Credit Union and Jackson, MS-based Eagle Express Federal Credit Union have signed on to the growing list of credit unions implementing MemberPass for their members. MemberPass, formerly known as MyCUID, is the first KYC-backed digital credential that members own and control and is the simplest, most secure way for credit unions to connect with and verify their member’s identity, and vice versa.

“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.”

Currently, CULedger’s MemberPass program has 11 credit union organizations committed and in various stages of deployment. In December 2019, CULedger announced that 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.

According to CULedger, the three new credit unions 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,” said John Ainsworth, president and CEO of CULedger. “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. 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.”