CULedger reveals new name for MyCUID, rebranded as MemberPass™
New branding underscores the solution’s potential outside of decentralized identity
DENVER, CO (February 5, 2020) — CULedger, a credit union service organization (CUSO) that delivers a trusted, peer-to-peer services network of verifiable digital exchange for credit unions, unveiled a new name for their flagship digital identity solution, now known as MemberPassTM.
MemberPass, formerly known as MyCUID, is the first KYC-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.
Barclaycard predicts that by 2022, 40% of all customer 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. 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 anticipates credit unions will experience lower compliance costs, reduced risk of data breaches and be able to seamlessly incorporate MemberPass into new channels.
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. 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. Additionally, 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. “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.”
The MemberPass brand also represents an expanded capability beyond decentralized verification that CULedger 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. “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.”
MemberPass upholds the W3C verifiable credential standard, which promotes consensus, fairness, public accountability and quality among international Web standards. Three U.S.-based credit unions are expanding their pilots into other use cases and CULedger is accepting new credit unions to join its pilot program. For more information, visit www.memberpass.com.
Denver-based CULedger is a credit union-owned CUSO that is creating the premier platform of digital exchange for financial cooperatives globally. In working through a national consortium made up of credit unions and trusted industry investors, CULedger has pioneered new developments related to global self-sovereign digital identity that will further enhance the trust credit unions have with their members. CULedger provides advantages to credit unions and their members by reducing risks associated with cybersecurity and fraud, improving member experience, streamlining internal processes and reducing administrative and operational costs. To learn more about CULedger, visit www.culedger.com or follow the company on the CULedger blog, LinkedIn or Twitter.