Following successful pilots, blockchain outfit CULedger is making its digital identity service MemberPass (formerly called MyCUID) commercially available.
Developed by credit union-owned CULedger, MemberPass is a KYC-compliant, member-controlled, interoperable decentralised digital credential. It uses a P2P network of distributed, private agents working in parallel with the distributed ledger to give credit union members a lifetime portable digital ID.
During pilots, credit unions used the system at their call centre operations for high-risk transactions. Members verified their identities by using the voice, fingerprint or facial recognition biometric functions on their smart phones.
This week, Achieva Credit Union, HawaiiUSA Federal Credit Union and Eagle Express Federal Credit Union became the latest to join the list of credit unions implementing MemberPass for pilots.
And, based on feedback from earlier trials, MemberPass has already been made commercially available.
John Ainsworth, CEO, CULedger, says: “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.”