CULedger Rolls Out Blockchain Identity Platform, MemberPass For Commercial Use
On Feb. 21, CULedger, a fintech company that is backed by the American trade association, announced that it has commercially rolled on its blockchain identity platform dubbed MemberPass following successful testing of the platform late last last year.
CULedger which operates as a credit union service organization (CUSO), focuses on offering a peer-to-peer services platform for verifiable and authentic exchange financial cooperatives. The not-for-profit organizations, credit unions serve their registered members by offering such services like deposits, provision of loans as well as various related financial services.
We are happy to announce the addition of @HIUSAFCU, @AchievaCU, and Eagle Express Federal Credit Union to our MemberPass Pilot Program! #memberpass #memberpowered #privacydriven #cybersecurity https://t.co/UwEmg6dIPN
— CULedger (@CULedger) February 21, 2020
CULedger has been exploring on how blockchain technology can be used in enhancing cybersecurity for members, lower the operation costs as well as come up with ways to reduce fraud risks for credit union members. The new product, MemberPass platform is developed to verify transactions among the credit unions via distributed ledger technology (DLT).
The new platform is regarded as the inaugural KYC platform to be built on blockchain and will enable the network members to have control of their identity. This will give the members a chance of having a standardized platform that will help them verify themselves within their respective credit unions.
Apart from commercially launching the MemberPass platform, three extra credit unions were also added in the pilot program. The press statement revealed that Eagle Express, Achieva and HawaiiUSA credit unions became the latest members of the platform. This means that the pilot program now boasts of 11 credit unions which are deploying the platform.
According to CULedger CEO John Ainsworth, stated that MemberPass was developed with an effort to deal with various privacy issues within the industry. He explained,
“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.”
CULedger fruitfully finished the MemberPass pilot projects in mid-December last year which involved three credit unions namely; TruWest, Unify Financial and Desert Financial credit unions, Cointelegraph reports.