DENVER––CULedger, a CUSO that has championed blockchain-based privacy and security enhancement solutions in credit unions, has a new name: Bonifii.
The company said the rebranding reflects its evolution and its vision for future solutions.
CULedger was launched in 2017 following a CUNA National Credit Union Roundtable with investments from both CUNA and the MountainWest Credit Union Association. Its primary solution is MemberPass, which is an exchange of verifiable credentials leveraging a combination of distributed ledger, biometrics and cryptography to protect credit unions’ consumer and small business members.
“MemberPass is a digital passport that allows members convenient access to their financial accounts while allowing control and privacy of their personal information,” the company said, adding that one of the strongest established use cases for blockchain or distributed ledger technology is decentralized identity that supports the use of best-in-class privacy and security technologies.
“MemberPass, powered by Bonifii, will change the way consumers engage and interact with products, services, and information in a digital financial world, and soon in other industries like health care, travel and government,” the company said.
What the New Name Means
As CUToday.info reported earlier this year, the then CULedger announced the acquisition of CUFX (Credit Union Financial Exchange) from CUNA’s Technology Council. Under Bonifii, the company said, CUFX will be positioned as the exchange of data supported by a systems integration standard and will allow credit unions to increase the speed to become more digital.
“The brand Bonifii is a play on the word bona fide, which means genuine or authentic and is reflective of our flagship MemberPass product. The ‘ii’ at the end of Bonifii is a symbolic reference to our mission which is to deliver a trusted and verifiable peer-to-peer exchange network,” said Julie Esser, senior vice president of marketing and communications for Bonifii.