CU Solutions Group (CUSG), a credit union service organization, and CULedger, a provider of distributed ledger solutions, have announced a new partnership. As part of the agreement, CULedger will invest in CUSG’s fintech subsidiary, LifeStep Solutions, LLC (LSS), which houses CUSG’s mobile banking+ product, LifeSteps Wallet. Additionally, CUSG will leverage its existing base of more than 3,400 nationwide clients to promote CULedger’s MyCUID.
“CUSG is on a mission to develop creative technology that helps credit unions serve and compete in a world of ‘next generation’ banking,” said CUSG President/CEO Dave Adams. “MyCUID provides an innovative, unique solution that allows members to confidently protect themselves from financial fraud and identity theft. We are thrilled to work with CULedger on this cutting-edge technology.”
MyCUID is the first global digital identity ecosystem for credit unions and their members. With MyCUID, credit union members can keep their accounts safe from fraud and identity theft, in a way that is simple, fast and multi-factor secure. Credit unions also benefit with increased member satisfaction, reduced need for support and deeper engagement with their members. MyCUID works with Evernym’s Sovrin Identity Network, a distributed ledger purpose-built for identity, and uses a person-to-person network of distributed, private agents to give credit union members a lifetime portable digital identity that does not rely on any central authority.
“While we focus a great deal of our time building strong, robust security, credit unions still need to deliver useful and attractive products that engage their members,” said CULedger President/CEO John Ainsworth. “With LifeSteps Wallet, LSS has launched a mobile banking-plus strategy that credit union members benefit from. We’re investing in LSS because we see a real need for credit unions to leverage this type of technology to remain competitive in a rapidly changing industry.”
The LifeSteps Wallet mobile banking+ product offers an integrated solution that keeps members in one place — their credit union. From financial services to shopping, home buying, travel, identity protection and more, this comprehensive mobile experience keeps the credit union top of mind and top of wallet when it matters most. LifeSteps Wallet also leverages cooperative research and development of key mobile technologies to enable credit unions to fully serve members within their own branded environment, resulting in a platform that is secure, flexible and cost-effective.