CULedger's DLT-Based Credit Union Platform Is Commercially Live

Formerly known as MyCUID, CULedger's blockchain-based identity verification solution MemberPass is now commercially available after a successful pilot in late 2019, CULedger announced on Feb. 21.Credit union members can use safe blockchain-based ecosystem to protect their privacyAs a major credit union service organization, CULedger aims to provide a trusted peer-to-peer services network of verifiable exchange for financial cooperatives.

A credit union is a non-profit organization that exists to serve their members.

In order to improve cybersecurity for members within its ecosystem, mitigate fraud risks for credit unions as well as reduce operational costs, CULedger has been actively exploring and applying blockchain tech.

CULedger's MemberPass tool is designed to authenticate transactions between credit unions through implementation of distributed ledger technology.

Three more credit unions join CULedger's MemberPassIn conjunction with the commercial launch of MemberPass, the pilot program has also added three more credit unions.

According to the latest announcement, the platform was recently joined by Achieva Credit Union, HawaiiUSA Federal Credit Union and Eagle Express Federal Credit Union.

The program currently counts 11 credit union organizations so far in various stages of deployment, the CUSO said.

CULedger's founding was coordinated by the Credit Union National AssociationIn mid-December 2019, CULedger successfully completed a MemberPass pilot project involving other three credit unions such as Unify Financial Credit Union, Desert Financial Credit Union and TruWest Credit Union.

In March 2019, CULedger partnered with tech giant IBM to further develop its credit union blockchain solutions after previously joining enterprise software firm R3's global blockchain ecosystem in late 2018.

According to official reports, CULedger's founding was coordinated by major national trade association, the Credit Union National Association, alongside the Mountain West Credit Union Association and Best Innovation Group.