The Credit Union Service Organization (CUSO) CULedger has completed a successful pilot of its new MyCUID digital credential. MyCUID is compliant with the latest Know Your Customer regulations, and uses mobile biometrics to verify the identities of credit union customers.
The platform leverages the biometric readers available on many modern smartphones, and can authenticate users with voice, fingerprint, or facial recognition. The pilot itself was carried out with three U.S. credit unions, a roster that includes the Desert Financial Credit Union, the UNIFY Financial Credit Union, and the TruWest Credit Union.
All three pilot partners deployed MyCUID at their call centers, where it was used to secure particularly high risk transactions. MyCUID reduced the time needed for identity verification from more than 50 seconds to less than 10, and served as an efficient replacement for traditional authentication methods like knowledge-based security questions.
“Our members are already embracing this new method of authentication,” said UNIFY President and CEO Gordon Howe. “We’ve been told that the enrollment process is simple and quick, and that they feel more secure when calling into the call center.”
The MyCUID pilot is expected to expand to cover mobile onboarding, wire transfers, and other services in the future. The digital credential also has the potential to improve credit union interoperability with other industries.
“Once my credit union fully identifies who I am and issues my MyCUID credential, other institutions like medical and government can trust and accept it too,” explained Desert Financial Executive VP Ron Amstutz.
CULedger hopes to move forward with a full launch of the MyCUID platform sometime next year. Until then, it is still searching for other U.S. credit unions that are willing to join the ongoing pilot.
The news comes shortly after the CEO of the Desjardins Group asked Quebec legislators to adopt stricter digital ID laws in response to a massive data breach. The Vystar Credit Union has already deployed Verint’s behavioral and voice authentication tech to secure its call center operations.