Three US Credit Unions Complete Pilot Of CULedger’s Blockchain Solution For Digital Identity

Blockchain, News | December 12, 2019 By:

Credit union industry blockchain initiative CULedger has announced that three US-based credit unions have successfully implemented its MyCUID solution as part of the company’s pilot program.

CULedger, a Credit Union Service Organization (CUSO) comprised of more than 30 credit unions and other industry organizations, focuses on delivering innovative applications to credit unions through its cross-border global distributed ledger platform. CULedger’s MyCUID credential allows credit unions to easily identify members when they login, walk-in or call-in to their credit union, eliminating the need for multiple login credentials.

In a press release, CULedger said that employees and members at UNIFY Financial Credit Union, Desert Financial Credit Union and TruWest Credit Union tested and provided feedback into the user experience for MyCUID through individual pilot launches. The US-based credit unions reportedly implemented MyCUID to support their organization’s call center operations specifically around high risk transactions, streamlining the identity verification process for both employees and members. Previously, these credit unions relied on traditional methods to verify a member’s identity, such as confirming transaction history or asking knowledge-based, security questions.

“MyCUID, in its simplest form, is setting the standard for digital identity and authentication for all systems, starting with credit union industry systems,” said Ron Amstutz, executive vice president of Desert Financial Credit Union. “Once my credit union fully identifies who I am and issues my MyCUID credential, other institutions like medical and government can trust and accept it too. Plus, we’re excited to eliminate the need for usernames and passwords. I have hundreds of passwords and imagine many of our members do too. With MyCUID, we’re able to reduce that burden with a safer, more secure option.”

According to CULedger, MyCUID enables members to confidently, securely and quickly verify their identity by using the biometric function through their smart phone, such as voice, fingerprint or facial recognition.

“As financial cooperatives, credit unions are more inclined to work together than their bank counterparts in order to best serve their members’ needs,” said John Ainsworth, president and CEO of CULedger. “Our solution enables credit unions and their members to connect with one another on a much larger scale than ever before. The benefits of this highly secure network of digital exchange are unparalleled to anything in the market, and our pilot programs have demonstrated the unique capabilities MyCUID provides to the member experience.”