Digital identity is set to explode -- thanks in part to the digital services acceleration we experienced in 2020. On the forefront of this movement in the credit union industry is CULedger and Sherpa Technologies, who have recently announced their partnership to strengthen digital trust, simplify member identification (digitally) and spur digital exchange.
We invited CULedger President/CEO John Ainsworth and Sherpa Technologies Keith Riddle to discuss their partnership and how it will provide credit unions with a next-generation digital identity solution using MemberPass and ID Pal. Both John and Keith explain that this first-of-its-kind integration of ID Pal into MemberPass strengthens and supports the issuance of the digital credential by validating the member’s authenticity during initial enrollment of MemberPass.
Here are some of the key points from the conversation:
- The integration of Sherpa’s identity and document verification-provided solution, ID-Pal, into CULedger’s MemberPass™, will enable the first KYC-backed digital credential that provides credit unions a solution to verify their members’ identities.
- This first-of-its-kind integration of ID-Pal into MemberPass strengthens and supports the issuance of the digital credential by validating the member’s authenticity during initial enrollment of MemberPass.
Benefits of this new solution:
- Enables credit unions to use one credential, across all services and channels. Credit unions spend a lot of time and resources to establish and maintain authentication methods for each channel and service, and members experience identity-management pain points with 60% forgetting either their username or password on a daily or weekly basis. virtually eliminating this issue.
- Helps credit unions fight fraud. Credit unions fight fraud daily across all channels. This solution will give credit unions the ability to provide security and immunity, safeguarding personal identifiable information (PII) from identity theft.
- Reduces friction points between credit unions and members. This solution will help credit unions reduce friction when engaging with members to authenticate members in seconds rather than minutes, cutting out the need to ask personal questions, such as verifying their address, last few transactions, or social security number. It also enables information to be easily shared between members and the credit union.
Check it out and let us know your thoughts. And watch the entire episode below for all the details.
Be sure to attend the ID-Pal MemberPass Integration Debut webinar on January 12, 2021, as well.