As a major credit union service organization (CUSO), CULedger aims to provide a trusted peer-to-peer services network of verifiable exchange for financial cooperatives.
A credit union is a non-profit organization that exists to serve their members. Similar to banks, credit unions accept deposits, make loans and provide a wide array of other financial services.
In order to improve cybersecurity for members within its ecosystem, mitigate fraud risks for credit unions as well as reduce operational costs, CULedger has been actively exploring and applying blockchain tech.
CULedger’s MemberPass tool is designed to authenticate transactions between credit unions through the implementation of distributed ledger technology.
Claimed to be the first Know Your Customer-backed digital credential, the product allows network members to control their identity, getting a standardized way to verify themselves to their credit unions.
In conjunction with the commercial launch of MemberPass, the pilot program has also added three more credit unions.
The platform was recently joined by:
- Achieva Credit Union
- HawaiiUSA Federal Credit Union
- Eagle Express Federal Credit Union
The program currently counts 11 credit union organizations so far in various stages of deployment, the CUSO said.
John Ainsworth, president, and CEO of CULedger, outlined that MemberPass was designed to truly address “core privacy issues” in the industry.
“Our previous pilots have showcased the need in the industry and how members can benefit from heightened security. Allowing members to have control of their information provides a sense of security that has slowly disappeared from financial services and is becoming increasingly important in this new digital age.”
Source: Cointelegraph.com | Image Credits: AI Authority