DENVER–CULedger, the CUSO that has been building a trusted, peer-to-peer services network of verifiable digital exchange for credit unions, announced the new name for its flagship digital identity solution: MemberPass.
MemberPass was formerly known as MyCUID and is the first Know-Your-Customer-backed digital credential that members own and control and is the simplest, most secure way for credit unions to connect with and verify their members’ identity, and vice versa, according to the company.
In announcing the name change, CULedger pointed to a Barclaycard forecast that predicts by 2022, 40% of all consumer interactions will be based on decentralized identity, “further demonstrating the need for credit unions to provide members with access to an incorruptible, indisputable form of identification.”
According to CULedger, credit unions are currently leveraging MemberPass to expedite authentication across all channels, remove friction from the member experience and decrease fraud. As integration and adoption continue, CULedger said it anticipates credit unions will experience lower compliance costs, reduced risk of data breaches and be able to seamlessly incorporate MemberPass into new channels.
Unique Design
“The unique privacy-first design creates a competitive advantage for credit unions by allowing members to have one single digital credential that is both portable and interoperable,” the company said. “CULedger’s long-term goal is to enable members to use their MemberPass identification to verify who they are with other highly regulated institutions, including in government and healthcare.”
In addition, CULedger said MemberPass can help deepen the level of trust between credit unions and their members by giving members full control over their data, reducing the risk of identity theft and eliminating the need for a centralized username and password.
“MemberPass represents the next generation of privacy-based business solutions that we are developing,” said Julie Esser, chief experience officer of CULedger, in a statement. “Our technology enables credit unions to accommodate their members’ needs in an innovative, modern way while ensuring their information remains safe. The new branding demonstrates members’ ability to utilize their MemberPass outside of the branch and transition a historically physical, risky interaction – identity verification – to a secure, private, digital method.”
Expanded Capacity
CULedger said the MemberPass brand also represents an expanded capability beyond decentralized verification that the CUSO has made available to credit unions and their members. These capabilities include shared KYC across all credit unions on the network, allowing peer-to-peer credential exchange between credit unions and the ability for members to seamlessly transact across participating credit unions. Other future use-cases include streamlined cross-border transactions and auto lending.
“By offering MemberPass, we will be giving our members access to the most secure way of accessing personal records that has ever been offered,” said Ron Amstutz, executive vice president of Desert Financial Credit Union in Arizona, in a statement. “Members will have the ability to use their own personal information and biometrics to ensure their identity is legitimate and safe from hackers and fraud. This information is then broken down and encrypted over a series of different computers, allowing the member complete control of their ID and who can access it.”
According to CULedger, MemberPass upholds the W3C verifiable credential standard, which promotes consensus, fairness, public accountability and quality among international Web standards. As CUToday.info reported earlier, three U.S. credit unions are now expanding their pilots into other use cases and CULedger is accepting new credit unions to join its pilot program.
CULedger was originally founded by CUNA, the Mountain West CU Association and Best Innovation Group, and now has more than two-dozen credit unions and other organizations involved as partners.
For info: www.memberpass.com.