CULedger has entered into a Letter of Understanding (LOU) to collaborate with Sherpa Technologies, a CUSO simplifying digital transformation solutions for credit unions, and ID- Pal, Sherpa's exclusive identity verification solution partner.
The LOU enables CULedger and Sherpa Technologies to collaborate on the development and delivery of a streamlined, secure authentication method and digital identity to credit union members. By utilizing CULedger's MyCUID, members will receive a tokenized credential that is created instantly using the ID-Pal verification process.
Members can use this credential to authenticate themselves at any time they wish to engage the credit union via any channel, from in-branch to mobile banking. The credential will provide this authentication not only to the member's own credit union, but to any other credit union or business enabled on the CULedger network.
The process removes significant friction in a variety of use cases, including a member on-boarding process and subsequent member interactions with the credit union. This new methodology eliminates the need for user IDs and passwords, or lengthy challenge question and answer sessions often imposed by contact centers when a member calls into their credit union for assistance.
Sherpa and CULedger have developed a simulator for credit unions to leverage and examine the technical feasibility of implementing the joint solution.
We partnered with ID-Pal because it is a compliant, end- to-end solution that offers a comprehensive and seamless verification and member experience. Additionally, we chose to become an investor in CULedger due to its promise to deliver innovative digital experiences and open platforms to the credit union industry, said Sherpa Technologies President/CEO Keith Riddle. By coupling the extensive technical expertise and architectures of both firms, we can deliver a sustainable open digital identity platform and ecosystem to the industry.
This collaboration results in a powerful, one-stop shop solution that provides relief for credit unions struggling with member validation during an on-boarding process, said John Ainsworth, president and CEO of CULedger. The joint solution with Sherpa and ID-Pal provides credit unions the opportunity to integrate a next-generation verification process for members, while...