The foundation of any relationship is trust. As credit unions expand their digital services, they must, once again, build a new relationship with their members—a trusted relationship that’s digital. Twenty-five (25) credit unions have taken the first step in providing their members a safer tomorrow by participating in CULedger’s Digital Trust Registry™.
The source of truth that supports the MemberPass™ ecosystem and ensures digital identity trust behind each secure, interoperable transaction is the Digital Trust Registry. Much like registering a public domain for a web site on the Internet, the Digital Trust Registry holds a credit union’s unique public identifier on the Sovrin Global Identity Network, which is a global distributed ledger designed exclusively to support digital trust networks and verifiable digital credentials. This public identifier, or decentralized ID, is like the credit union’s public domain and will be how a credit union is recognized in the decentralized identity ecosystem.
“At Sound, we recognize the value of digital verification anchored in distributed ledger technology. Joining the Digital Trust Registry was a simple step on the path to allowing our members to engage with us using the most safe, simple and secure digital verification solution available: MemberPass!” says Don Clark, president/CEO, Sound Credit Union.
In addition, there are currently ten (10) credit unions who are part of the growing list signed on to implement MemberPass for their members. In MemberPass, credit unions have a turnkey, affordable digital identity solution that will safeguard members’ personal information and provide a touch-free member experience. This solution is the first KYC-backed portable and interoperable self-sovereign digital identity built on a decentralized network which makes it the most secure way for credit unions to connect with and verify their members’ identity across all channels.
“MemberPass™, in its simplest form, allows our members to be in control of the verification process and truly own their information,” said Ron Amstutz, executive vice president of Desert Financial Credit Union. “Self-sovereign identity will change the very nature of the relationship that credit unions have with their members, and I couldn’t think of a more fitting match for this breakthrough than credit unions, who know more about creating strong relationships than just about anybody.”
One of the main member benefits of decentralized identities is that each individual has full control and ownership over their personal information, an identity model known as self-sovereign. This privacy-enhanced technology also allows members to selectively disclose personal information, protecting them from divulging more information than necessary to conduct business with their credit union.
The future is quickly moving to self-sovereign identities. The organization that enables consumer control over their personal information will enjoy a trusted digital relationship that can last a lifetime. Your members are counting on you to protect them and being in control of your digital identity can’t come soon enough.
CULedger, a credit union service organization, offering MemberPass, the simplest, most secure solution to verify your members through leveraging touchless, privacy-enhancing technology to protect credit unions and their members from identity theft and fraud. Visit www.memberpass.com or email us at firstname.lastname@example.org.