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CULedger tests blockchain-based identity verification with credit unions

CULedger announced that three credit unions in the U.S. have completed pilot programs for its MyCUID, a blockchain-based digital identity and call center technology that helps verify identity. 

The three credit unions, Unify Financial Credit Union of Manhattan Beach, California, and Desert Financial Credit Union and TruWest Credit Union, both of Phoenix, each tested the technology for call center operations involving employees and credit union members. 

"As financial cooperatives, credit unions are more inclined to work together than their bank counterparts in order to best serve their members' needs," John Ainsworth, president and CEO of CULedger, said in a company release. "Our solution enables credit unions and their members to connect with one another on a much larger scale than ever before."

The technology confirms identity using biometric data that is authenticated through a smartphone, such as voice recognition, fingerprints or facial recognition. Data from the pilot showed that authentication can be reduced to less than 50 seconds using the digital identity service. 

The credit unions are exploring tests for new functionality, including wire transfers, mobile integration and enrollment during new account opening.