CULedger rebrands biometric digital ID service as MemberPass, piloted by 11 credit unions
Credit union service organization CULedger’s KYC compliant biometric digital identity service MemberPass is now commercially available, the company announced.
MemberPass is a privacy-first, member-controlled, interoperable decentralized digital credential that uses a peer-to-peer network. Members used biometric modalities such as voice, fingerprint or facial recognition on their smart phones to verify identity.
Previously known as MyCUID, MemberPass was rebranded this month. It is the first KYC-backed digital credential that gives members ownership and control over their identity verification process, and provides a standardized method to verify identity to credit unions, according to CULedger. MemberPass accelerates multi-channel authentication, reduces fraud and provides a frictionless customer experience, the company says.
Members can now have a single digital credential which is both portable and interoperable. The goal is to introduce MemberPass identification in highly regulated institutions, such as governments and healthcare organizations, to reduce identity theft risks and remove the need of a centralized username and password.
“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,” said John Ainsworth, CULedger CEO.
A total of 11 credit unions are piloting the solution, with Achieva Credit Union, HawaiiUSA Federal Credit Union and Eagle Express Federal Credit Union being the latest to join the MemberPass pilot program.
MemberPass upholds the W3C verifiable credential standard.
In December, CULedger successfully completed three pilot programs of blockchain technology for digital identity, with optional biometrics through the user’s smartphone, in credit union call center operations. At that time, it also introduced a new payment system called EFT (electronic fund transfer).