MemberPass™ App Provides Credit Unions Secure Mobile Identity to Authenticate Members Safely and Securely in a Contactless Environment
– MemberPass app the first identity wallet app built for credit union members to provide contactless, self-sovereign control over personal information –
DENVER–(BUSINESS WIRE)–MemberPass™, the flagship contactless identity solution powered by credit union service organization (CUSO) CULedger, has launched its own mobile identity wallet app on the Apple and Google Play stores. MemberPass is the first Know-Your-Customer (KYC)-compliant, member-controlled contactless identity issued by credit union cooperatives to provide members a simple, secure way to manage their identity via a mobile app.
MemberPass provides a way for credit unions to quickly and confidently verify their members’ identity, providing an improved member experience, reducing fraud, and increasing operational efficiency. The app addresses challenges credit unions face in verifying members’ identities in the branch due to masks obscuring facial features during the COVID-19 pandemic. Ten credit unions are currently implementing MemberPass to provide their members with the benefits of a simplified, secure, and private authentication process for in-person transactions.
“COVID-19 has changed how members interact with their credit union, and they demand the ability to complete their financial transactions at the branch making as little contact as possible. At the same time, we’re seeing an increase in in-person fraud attempts by criminals relying on obscured facial features to misrepresent themselves at the branch, especially in drive-through lines,” said John Ainsworth, president and CEO of CULedger. “MemberPass is the first mobile identity wallet credit union members can use to control their own credentials and protect their privacy and security while conducting their financial business without making contact with touchpads or removing personal safety gear such as masks.”
The MemberPass app, which is based on a self-sovereign identity model, works like a physical wallet but on a mobile device. The app holds a member’s identification credentials, and unlike proprietary wallets, the credentials inside belong solely to the owner. The member can choose when and if to share credentials with others, making the verification process safe, secure, and simple.
“MemberPass will have a profound impact on credit union members’ lives by fighting off new fraud attempts, building trust with their credit union, and improving the privacy and security of personal information,” Ainsworth said. “MemberPass is the simplest, most secure, and touchless way to verify members across all channels and is revolutionizing saying ‘hello’ in financial services. This is great opportunity to build stronger and more trustworthy brands between members and their credit unions.”
When members download the MemberPass app, which is available for free for both Android and Apple devices, they will work with participating credit unions to securely store their selected credentials in the app. When interacting with their credit union, the users establish an encrypted connection that uses the app to confirm credentials quickly and seamlessly without contacting touchpads or handing over physical credentials to credit union staff.
The MemberPass app marks a key milestone in the organization’s efforts to support the rise of decentralized identity and putting control of digital identity back into the hands of the member. For information about how MemberPass works and to see the app in action, visit https://www.memberpass.com/memberpass-revolutionizing-hello-in-banking/.
MemberPass™, powered by Denver-based credit union service organization (CUSO) CULedger, is the simplest, most secure solution to verify credit union members through leveraging touchless, privacy-enhancing technology. The MemberPass app protects credit unions and their members from identity theft and fraud with a member-friendly user experience. For more information, visit www.memberpass.com or email us at firstname.lastname@example.org.