PSCU, the credit union service organization (CUSO), declared on Monday that it is concluding up a POC (proof of concept) with CULedger and Baxter Credit Union (BCU) for a blockchain-enabled decentralized identification platform.
CULedger’s MemberPass solution is a blockchain-based system that promotes frictionless identity verification.
“Through PSCU’s partnership with CULedger, we have an opportunity to be at the forefront of determining the implications and opportunities surrounding distributed ledger technology as they relate to identity management – the first of which is MemberPass – for the credit union industry,” stated Scott Young, vice president of innovation at PSCU.
“Just as we are doing with MemberPass, we plan to continue applying knowledge gained from proof of concepts with CULedger to future opportunities and strategies on behalf of our owner credit unions.”
MemberPass gives credit unions (CUs) or CUSOs, a single digital credential that works as member verification.
MemberPass can be used for various identification occasions, such as instant contact center verification, broad transaction approval, loan applications, bill pay, external ACH, and wire transfers. The platform facilitates fast deployment and scalability while also being accessible via the recent digital identity mobile wallet application, Connect.Me.
“We are excited to partner with PSCU and BCU to improve the safety of members’ information and regulate the process by which they verify their identity,” stated John Ainsworth, president, and CEO of CULedger.
“With each successful proof of concept and integration, members are that much closer to being in complete control of their identity and changing the way the world conducts financial transactions.”
The proof of concept, PSCU, and BCU involved MemberPass verifying in various processes after first concentrating on contact center verification. BCU had test users create digital identities in the MemberPass platform and download the Connect.Me application. They are now utilizing it to verify their identities.
Amongst the goals of CULedger, PSCU, and BCU, with the proof of concept, are describing the value of digital identity concerning authentication problems, demonstrating that MemberPass alleviates pain points, defining ease of combination and evaluating digital identity advantages over enduring methods.
PSCU stated in November that it was preparing to fund $100 million over the next few years to concentrate on developing solutions for the CUs it serves throughout the country.
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