CULedger Pilots Blockchain Identity Solution With Three US Credit Unions
CULedger Pilots Blockchain Identity Solution With Three United states Credit Unions
CULedger, a blockchain consortium and credit union service organization, has successfully completed a pilot project together with 3 American credit unions.
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CULedger, a blockchain consortium and credit union service system, has successfully completed a airplane pilot project together with three American credit unions.
Fintech Futures reported on December. xvi that the pilot focused on implementing CULedger's blockchain identity platform in the telephone call centers at Unify Fiscal Credit Wedlock, Desert Financial Credit Union, and TruWest Credit Union.
All three credit unions chose to focus their trial on high-risk transactions conducted via phone, identifying these as "a high-friction channel that fraudsters find effective and least expensive to attack."
Secure identity for a potential 260M credit union members worldwide
As Cointelegraph previously reported, CULedger uses its blockchain platform to improve cybersecurity and mitigate fraud risks for credit unions, too as to streamline their authoritative and operational processes to salve fourth dimension and costs.
The house has created a customizable CULedger-issued digital credential, "MyCUID," which tin can be used to authenticate financial transactions between members of any credit union on the blockchain network. Over 260 one thousand thousand credit union members — with over $1.7 trillion of circulating avails — are reported to exist worldwide.
Reflecting on CULedger's recent pilot, Ron Amstutz, the executive vice president of Desert Financial Credit Union, explained that:
"In one case my credit union fully identifies who I am and issues my MyCUID credential, other institutions like medical and government tin trust and have it too. We're excited to eliminate the demand for usernames and passwords. I have hundreds of passwords and imagine many of our members do likewise. With MyCUID, we're able to reduce that burden with a safer, more secure selection."
CULedger says that MyCUID users can use biometric features such every bit voice, fingerprint or facial recognition features on their mobile devices to verify their identity. It claims the airplane pilot demonstrated that the identity verification fourth dimension for members had been reduced from 50 seconds to 10 or less.
Manufacture partnerships
Earlier this twelvemonth, CULedger partnered with IBM to further develop its credit union blockchain solutions, having previously joined enterprise software business firm R3's global blockchain ecosystem in December 2022.
With R3, CULedger has gone on to design a product dubbed CU Pay, which improves connectivity between payment networks in guild to reduce friction in cross-border electronic funds transfers. The product is slated for launch in 2022, and volition be integrated with R3'southward open-source Corda-based decentralized application Corda Settler.
Source: https://cointelegraph.com/news/culedger-pilots-blockchain-identity-solution-with-three-us-credit-unions
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