According to the companies, the partnership aims to use permissioned blockchain technologies to extend credit unions’ reach to a broader range of new members, particularly SMEs that currently lack access to financial services.
A permissioned blockchain network would allow services to be shared among all credit unions, improving identification authentication, regulatory compliance around know your customer (KYC), lending and payments.
Credit union members worldwide will also have access to a CULedger issued digital credential, called MyCUID that adheres to the privacy requirements supported by the Sovrin Foundation. MyCUID allows members to conduct transactions among any credit union on the network.
CULedger’s blockchain network will be available to credit unions worldwide beginning later in 2019.
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