Credits unions across the United States prepare to embrace disruptive technologies. With the help of CULedger, a new digital identity service on the blockchain is being tested right now.
Three different credit unions see the benefits of utilizing a digital identity service over the blockchain. CULedger’s technology is currently being tested by TruWest CU, Unify Financial CU, and Desert Financial CU.
Promising Trials of CULedger Technology
All three credit unions have set up their own pilot launches. During this trial, the technology is used at the CU’s respective call center operations for high-risk transactions.
CULedger, an outfit that is credit union-owned, has built MyCUID to be fully KYC-compliant. Moreover, it can be controlled by all of its members, and is interoperable across different systems.
By utilizing a decentralized digital credential and a peer-to-peer network of private agents, the digital ID service can be established. These private agents work in parallel with the underpinning distributed ledger.
Unify Financial Credit Union CEO Gordon Howe adds:
“Our members are already embracing this new method of authentication and sharing their excitement with our team. We’ve been told that the enrollment process is simple and quick, and that they feel more secure when calling into the call center.”
Early results of these pilot programs show promise. According to CULedger, the time to verify members has been reduced by nearly 80%. The ultimate objective is to reduce fraud losses, improve member loyalty, and remove member friction.