New product demonstrates BonifiID’s verifiable proof of identity using GlobaliD’s digital wallet.
Denver, CO — (September 11, 2023) Bonifii, the financial service industry’s first transaction network for verifiable credentials, has completed a successful pilot of its BonifiID identity credential verification with Lone Star Credit Union using GlobaliD’s digital wallet. GlobaliD is a decentralized digital identity company that enables users around the world to manage their identity through its trust platform and digital wallet.
Marcy Phillips, President and CEO of Lone Star Credit Union, said, “Credit unions need more efficient and privacy-preserving ways to onboard new account holders. We are excited to have partnered with Bonifii and GlobaliD on this proof of concept so it can now be offered widely to other credit unions and their members who benefit from this innovation.”
The development of BonifiID Identity Credential demonstrates a more efficient and privacy-preserving way to onboard new account holders by providing a simple yet robust way for banks and credit unions to verify their identity securely. Consumers no longer have to avoid opening new accounts with traditional financial institutions that typically require documentation they might not have. They no longer have to input endless information into forms nor be frustrated by other friction that can come with account opening.
Lone Star Credit Union was chosen as the first credit union to host the proof of concept (PoC) for its passion for enabling new privacy-preserving digital services to their members. Following the successful completion of the PoC, Bonifii and GlobaliD are considering wider deployments at other national credit unions.
The new product aligns with GlobaliD and Bonifii’s shared goal of simplifying digital onboarding for new customers, reducing fraud in existing administrative processes, and increasing financial inclusion. Janusea, a community-focused integration platform, enabled the replacement of manual verification and data entry processes through a repeatable and sustainable model that certifies GlobaliD and Bonifii to work with bank and credit union cores. Credit unions and banks now have access to a verifiable credential that can be created without manual document inspection, speeding up processes and enabling them to better serve unbanked or underbanked consumers. This is especially helpful when paper documents or plastic cards are not accessible to unhoused or nonviolent offender communities.
“As the next generation of banking customers matures, the requirement of producing the right pieces of paper or plastic cards to open a bank account is fading away,” said John Ainsworth, Chief Executive Officer of Bonifii “GlobaliD provides best-in- class identity creation that is compliant, safe, fraud-resistant, and easy to use.”
“Our partnership with Bonifii is part of the GlobaliD mission to increase inclusion, innovation, and interoperability across the financial services industry,” said Vadim Slavin, Head of Product at GlobaliD. “By simplifying the identity process and allowing the individual the control over a verifiable proof of their identity, more people can access traditional financial services than ever before.”
Bonifii partnered with GlobaliD in 2021 to develop verifiable credentials for financial institutions with the specific goal of greater financial inclusion for the unbanked and underbanked communities. Bonifii also chose to partner with GlobaliD due to its deep experience in secure, private, portable, digital identity and payments.
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 or the BonifiID Identity Credential, visit www.bonifii.com.
GlobaliD is a trust platform that seamlessly integrates digital identity, communications, and payments — the core building blocks for the next chapter of the internet. Unlike existing offerings, GlobaliD’s open, portable, and interoperable solutions put individuals back in control of their digital lives rather than governments or corporations, while allowing developers and businesses to easily take part in building the future. GlobaliD has offices in the U.S. and Europe and its digital identity framework has been recognized by the World Economic Forum and the Brookings Institute.
About Janusea, Inc.
Janusea, Inc. fills a technology gap in the community financial institution space, connecting credit unions and community banks with today’s innovative fintech solutions. Many fintechs cannot communicate with a financial institution’s legacy core system. Janusea is the connection between these two worlds via a fully-hosted platform delivered securely using the cloud. Ultimately, Janusea provides community financial institutions with speed to market, free choices to work with the best solutions and sustainable API integration. For more information, visit https://janusea.com/.