DENVER–CULedger said it has entered into a partnership with Autonomous Lending, Inc., a provider of digital credentials for lenders, to provide credit unions with “next-generation digital credentials that improve the member experience while decreasing friction and fraud.”
CULedger is the credit union-backed initiative aimed at providing blockchain, identity and digital services to credit unions around the world. The CUSO currently provides decentralized identity credential capabilities via its MyCUID solution.
According to CULedger, to address the rapidly evolving, tech-focused demands from members, its partnership with Autonomous Lending’s is designed to help credit unions remain competitive, relevant and technologically advanced.
“The process for obtaining a consumer loan from traditional lenders hasn’t changed much in the 30 years I have worked in the space,” said Michael Cochrum, Autonomous Lending CEO. “The process is wrought with friction and highly vulnerable to fraud, particularly in remote transaction scenarios, such as Internet-based and mobile transactions. MyCUID combined with our Persistent Credit
Credentials removes the friction and significantly reduces the fraud risk, transforming a timely process to as simple as pressing a few buttons via the credit union’s mobile app.”
Credential Technology
Autonomous Lending has developed patent-pending verifiable credential technology that will allow the same lenders to issue Persistent Credit Credentials (PCC) over the same infrastructure.
“Our partnership also reduces the potential for human-based errors, which traditionally create vulnerabilities for both the credit union and member related to fraud or accidental errors,” Julie Esser, chief experience officer of CULedger, said in a statement. “Both CULedger and Autonomous Lending’s solutions provide a unique benefit unlike any other in the industry by leveraging technology that creates an indisputable record of data that is secure, private and meets regulatory standards.This collaboration allows members to swiftly and securely use their credit union-provided digital credential to open accounts, transact and engage with their financial institution.”
CULedger and Autonomous Lending’s solutions are now available to U.S.-based credit unions, the organizations said.