PSCU, the nation’s premier payments credit union service organization (CUSO), has announced that it is in process of a proof of concept with CULedger and Baxter Credit Union (BCU) on CULedger’s MemberPassTM solution, a simple, secure way for credit unions to verify their members leveraging state-of-the-art privacy technology.
Founded in 2016 with investments from nearly 40 credit unions and CUSOs, including PSCU and many of PSCU’s Owner credit unions, CULedger is committed to bringing distributed ledger technology and a digital identity platform to the credit union industry.
“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,” said Scott Young, vice president, 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 allows credit unions or CUSOs to have one digital credential that serves as member verification. The solution can be used for instant contact center verification, to verify ID for loan applications, to prompt members to approve large transactions and to verify ID for higher risk transactions in bill pay, external ACH and wire transfers. The platform also allows for quick deployment and scalability and is accessible through the existing 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,” said 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.”
In the proof of concept for PSCU and BCU, both organizations incorporated MemberPass verification into multiple processes, initially focusing on contact center verification. BCU engaged several test users to create digital identities in the MemberPass platform. Test users downloaded the Connect.Me application and are using it to verify their identities.
PSCU, CULedger and BCU are working to validate the following proof of concept goals during the trial:
- Achieve a better understanding of the value of digital identity in solving credit union authentication issues
- Prove the utility of MemberPass in relieving verification pain points
- Determine how easily MemberPass can be integrated into existing systems and processes
- Identify security benefits of digital identity over existing authentication methods
Pending a successful proof of concept, PSCU will evaluate further MemberPass use cases in its contact center processes and other applications.
About PSCU
PSCU, the nation’s premier payments CUSO, supports the success of 1,500 credit unions representing more than 3.8 billion transactions annually. Committed to service excellence and focused on innovation, PSCU’s payment processing, risk management, data and analytics, loyalty programs, digital banking, marketing, strategic consulting and mobile platforms help deliver possibilities and seamless member experiences. Comprehensive, 24/7/365 member support is provided by contact centers located throughout the United States. The origin of PSCU’s model is collaboration and scale, and the company has leveraged its influence on behalf of credit unions and their members for more than 40 years. Today, PSCU provides an end-to-end, competitive advantage that enables credit unions to securely grow and meet evolving consumer demands. For more information, visit pscu.com.
About CULedger
Denver-based CULedger is a credit union-owned CUSO (credit union service organization) that is creating the premier platform of digital exchange for financial cooperatives globally. In working through a national consortium made up of credit unions and trusted industry investors, CULedger has pioneered new developments related to global self-sovereign decentralized identity, MemberPassTM, that will further enhance the trust credit unions have with their members. CULedger provides advantages to credit unions and their members by reducing risks associated with cybersecurity and fraud, improving member experience, streamlining internal processes and reducing administrative and operational costs. To learn more about CULedger, visit www.culedger.com or follow the company on the CULedger blog, LinkedIn or Twitter.
