Digital Identity to help reduce fraud for credit unions and members
June XX, 2020 (DENVER, Colo.) – The Mountain West Credit Union Association (MWCUA) has finalized a strategic partnership agreement with CULedger to help jump-start the implementation of MemberPass™, a digital ID held by credit union members. MWCUA will help secure credit unions to participate in the Digital Trust Registry™, the registration component of the program. MWCUA currently has 123 credit unions, 3.8 million members and $51 billion in assets in three states, Colorado, Arizona, and Wyoming.
In MemberPass, credit unions have a turnkey, affordable digital identity solution that will safeguard members’ personal information and provide a touch-free member experience across all channels. It is a simple and secure replacement for identity verification questions, like the member’s birthday or social security number, making members’ experience convenient and stress-free. It also presents an opportunity for your credit union to reduce identity theft by giving control and ownership of personal data back in the hands of your members allowing them the right to share information, how, and where they choose.
“MemberPass, from CULedger, creates for credit unions a contactless and secure environment that members now need and want in the face of the pandemic and other challenges,” said Scott Earl, President, and CEO of the Mountain West Credit Union Association. “We are thrilled to help bring this incredibly valuable solution that provides a secure digital ID to members and protects credit unions from fraud to market.”
The Digital Trust Registry™ allows credit unions access to MemberPass technology. Credit unions receive their own public digital ID that is written to the Sovrin Global Identity Network (www.sovrin.org). Sovrin is a global distributed ledger (or blockchain) designed exclusively to support digital trust networks and verifiable digital credentials, which is why Sovrin is CULedger’s partner in building the MemberPass Trust Network. Once registered with the Digital Trust Registry, credit unions can issue MemberPass™ credentials to their members, and the enhanced security and privacy elements are activated.
MWCUA will join other partners in engaging credit unions in joining the Digital Trust Registry.
The unique privacy-first design creates a competitive advantage for credit unions by allowing members to have one single digital credential that is both portable and interoperable. CULedger’s long-term goal is to enable members to use their MemberPass identification to verify who they are with other highly regulated institutions, including in government and healthcare.
For more information about this program, please contact Lisa Slaymaker of Strategic Partners.
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, MemberPass™, 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 MemberPass™, visit www.memberpass.com or follow the company on the CULedger Facebook, LinkedIn or Twitter.
About the Mountain West Credit Union Association
The Mountain West Credit Union Association is the regional tri-state trade association representing 123 member credit unions, 3.8 million credit union members, and $51 billion in assets throughout Arizona, Colorado, and Wyoming. Not-for-profit in nature, credit unions provide low-cost financial services to their members. Founded in 2011, the Mountain West Credit Union Association serves and supports the interests of member credit unions through advocacy, community outreach, education and training, public affairs, regulatory and compliance services, and strategic partnerships. The Mountain West Credit Union Association is affiliated with Credit Union National Association (CUNA), World Council of Credit Unions (WOCCU) and CUNA Mutual Group. Follow us on Twitter at twitter.com/mwcua or on Facebook at facebook.com/mwcua. To learn more visit mwcua.com.