CULedger has successfully completed a trial phase of a blockchain identity solution with three US-based credit unions, Cointelegraph reports.
In a statement released by CUledger, the three credit unions which comprise of TruWest Credit Union, Unify Credit Union and Desert Financial Credit Union were all successful in implementing the MyCUID identity solution within their call centers.
The trial focused on high-risk transactions done through the phone as such transactions have been identified as high friction channels which are frequently targeted by fraudsters given that they are less expensive. These transactions are rampant in the call centers and it was deemed appropriate to try the solution there.
CULedger has been utilizing its blockchain network to enhance cybersecurity and reduce fraud risks faced by credit unions and also streamlining their operations in order to save time and costs.
CULedger has now developed a tailor-made digital identity platform dubbed MyCUID which will help in confirming the financial transactions of members of different credit unions within the blockchain platform.
The executive VP in Desert Financial Credit Union, Ron Amstutz, explained that the platform identifies a person’s credentials making other firms like medical institutions as well as the government to accept it too and enhances trust. Amstutz added that he was excited that the solution means that usernames and passwords will no longer be needed. He explained that people have lots of passwords and it’s always a burden but this will be eased by MyCUID platform.
According to CULedger, people using MyCUID’s solution will be able to verify their identity through biometric functions within their smartphones like a fingerprint, facial recognition or voice.
CULedger CEO, John Ainsworth explained the data collected from the trials show that the average time taken by a user in verifying their identity is ten seconds which is lower than the industry average of 50 seconds.
The firm is targeting the more than 260 million active credit union users worldwide who have more than $1.7 trillion worth of assets in circulation.