FinClusive’s AML/KYC capabilities create verified identity credentials that will be incorporated into MemberPass – Bonifii’s digital identity solution for Credit Unions

Through this partnership, U.S. Credit Union members can now establish and maintain verifiable digital identities that enable safe, secure, and touchless experiences for many credit union services

NOVEMBER 9, 2021 – Bonifii, the first verifiable exchange network designed to enable peer-to-peer services networking for financial cooperatives, and FinClusive, a hybrid fintech/regtech platform that provides comprehensive compliance as a service (CaaS) and identity verification services through global Know Your Customer (KYC)/Know Your Business (KYB), today announced a formal partnership. The two companies will work cooperatively to provide a fully compliant multilateral identity verification solution for credit unions that will bring safer and more secure experiences to their members.

Through this partnership, FinClusive’s Anti-Money Laundering (AML)/KYC capabilities will now be integrated with Bonifii’s MemberPass. This integration enables individual and small business credit union members to establish verifiable digital identities backed by a client’s essential financial crimes compliance (FCC) information. Protected by the latest cryptographic technology, these identities provide due diligence verification for global financial crimes compliance standards and maintain the privacy of sensitive personal or business information and credit union members’ personal- or entity-identifying information (PII/EII).

Furthermore, this integration meets the need for more remote identification solutions in increasingly remote work environments by providing a “touchless” member experience. This enables digital onboarding and supports a shared service across participating credit unions.

These efforts will also go a long way to support inclusive banking efforts by providing a secure, compliance-backed gateway that enables privacy and sustainable financial services access in tandem. Sustainable financial inclusion-for individuals, households, and organizations requires modernized digital identity and compliance solutions to make engagement seamless in an increasingly digitized financial services environment. These capabilities will bring about much-needed modernization to financial cooperatives.

Ultimately, this will strengthen and secure the KYC/KYB onboarding process and enable member portability with a verifiable digital compliance credential utility as more credit unions participate. FinClusive’s CaaS platform can also provide legal entities additional credence by assigning a globally recognized legal entity identifier (LEI) backed by compliance credentials; LEIs are increasingly recognized by global financial services regulators and institutions as the standard for KYB verification. FinClusive and Bonifii’s latest solution is available at all US credit unions currently in the MemberPass network.

Bonifii and FinClusive are also both members of the Indicio Network’s Node Operator Consortium, a professionally-supported enterprise-grade global network designed to support trusted data ecosystems using verifiable digital credentials.

“The addition of FinClusive into the MemberPass verification network strengthens and extends the secure, privacy preserving, and touchless verification experiences that all credit union members are looking for today,” said John Ainsworth, Chief Executive Officer at Bonifii. “In leveraging FinClusive’s Compliance-as-a-service stack, Bonifii is able to provide credit unions and their members a digital identity credential that is continually monitored for legitimacy and financial crimes, ensures essential screens and background checks are up to date and protects users’ privacy. This will allow members to have a faster and safer experience with their credit union service. It also protects credit unions from fraud and identity theft.”

Amit Sharma, Chief Executive Officer of FinClusive, commented: “FinClusive’s mission has always been to modernize the regulatory compliance system and allow alternative financial service providers, small businesses, nonprofits, and marginalized individuals and organizations access to essential financial services. Our vision aligns perfectly with Bonifii’s mission to build trust and increase inclusion between credit unions and their members through new technologies. We are excited about extending a robust full-service suite of compliance capabilities through CaaS and future financial technology enablements—including those related to virtual assets—to the credit union community, who are a cornerstone of community-based financial services—not just in the US, but also globally. I’m proud that we’re doing this in a way that reinforces essential privacy, transparency and modernized regulatory compliance in financial services.”

Since its founding, Bonifii has been committed to improving individual and small business credit union member experiences by reducing the repetitive disclosure of personal information, eliminating the need for multiple usernames and passwords, and combating identity theft as a result. Bonifii and FinClusive are working to advance modern AML and digital identity solutions to better enable financial inclusion with forward leaning community-centered financial services leaders. These capabilities reinforce the importance of community-driven solutions, which benefit from strong controls and inclusive products for all.

FinClusive launched its CaaS application in late 2019 and came to market with its Accounts & Payments (A&P) platform in late 2020, providing customers access to its growing U.S. bank of record partners, and its services via various global blockchain networks and Defi applications, and serves as an “on and off-ramp” between virtual assets and fiat for payments of all types—all with embedded essential AML compliance controls. FinClusive continues to grow its partners globally and also has recently formally launched as a certified issuer and validation agent of legal entity identifiers (LEIs) with the Global Legal Entity Identifier Foundation (GLEIF). FinClusive is providing these services in the U.S.,Latin America, Africa, Europe, and Asia.

About Bonifii

Denver-based Bonifii is the financial industry’s first verifiable exchange network designed to enable trusted digital transactions using open standards and best-of-breed security technologies. Bonifii empowers credit unions to change the way they interact with their members by enabling a seamless user experience in every financial transaction through a secure, private, trusted and transparent resolution of the entities’ identity. To learn more about Bonifii, visit, email us at or follow the company on the Bonifii blog, LinkedIn or Twitter.

About FinClusive

FinClusive is a hybrid fintech/regtech company that provides services to the growing fintech and virtual asset/crypto and nonbank FI community – enabling digital access to accounts and payments with embedded full-stack financial crimes compliance (FCC) – in one integrated platform. As a licensed and regulated nonbank financial services provider, FinClusive provides companies the ability to establish insured accounts for themselves and their clients and conduct cross border payments over crypto/blockchain and traditional bank rails, all while maintaining global-standard regulatory compliance. FinClusive is also built to be engaged by decentralized financial services applications, e-commerce, marketplaces and others that are increasingly providing financial products and services in a peer-to-peer context. To learn more about FinClusive, please visit, email us at, or follow the company on LinkedIn or Twitter.

About Indicio

Indicio provides development and hosting for Trusted Data Ecosystems. Enterprise, consumer, and mobile applications run on the Indicio Network and use its comprehensive ecosystem of software to issue, verify, and exchange verifiable digital credentials. The company develops, runs, and hosts multiple networks using the latest Hyperledger Indy network monitoring tools and resources. It led to the creation of Cardea, a complete architecture for verifiable and secure health records for Linux Foundation Public Health, and runs comprehensive instructor-led educational training workshops. These power a growing ecosystem that solves fundamental problems in online verification, identity, privacy, and zero-trust security. To learn more about Indicio, please visit: