Credit union blockchain solution rebrands
Two years after launching, a high-profile blockchain initiative for credit unions is getting a facelift.
CULedger, a Denver-based credit union service organization, announced today that MyCUID is being rebranded as MemberPass.
“MemberPass represents the next generation of privacy-based business solutions that we are developing,” said Julie Esser, chief experience officer of CULedger. “Our technology enables credit unions to accommodate their members’ needs in an innovative, modern way while ensuring their information remains safe. The new branding demonstrates members’ ability to utilize their MemberPass outside of the branch and transition a historically physical, risky interaction – identity verification – to a secure, private, digital method.”
CULedger said the company’s long-term goal continues to be to enable members to use the solution in order to verify their identify with credit unions and other highly regulated institutions, such as government and health care.
MemberPass also updates MyCUID by providing peer-to-peer credential exchange for all participating credit unions. Cross-border transactions and auto lending-capabilities are also on the horizon, the company said.
Three credit unions currently use the tool in full while others remain on its pilot program, according to a press release. As reported, a CU-specific blockchain initiative could make an impact well beyond the credit union industry.