CULedger and IBM Announce Collaboration on Blockchain Services

CULedger, a credit union service organization, announced a collaboration with IBM to pioneer new blockchain-based services to help credit unions provide a better experience for members.

CULedger will work with IBM to use permissioned blockchain technologies to create an immutable audit trail that can be used to create new business models and transform existing business processes for credit unions. The companies also intend to help drive greater financial inclusion by extending reach to a broader range of new members.

The credit union industry serves more than 260 million members worldwide with over $1.7 trillion of circulating assets and is historically known for superior customer service. The adoption of blockchain technology will help build continued momentum among all demographics, as well as small and medium enterprises that currently lack access to financial services.

By creating a permissioned blockchain network where services can be shared among all credit unions, CULedger will improve services such as identification authentication, regulatory compliance around know-your-customer (KYC), lending and payments, while making it easier and more efficient for consumers to conduct any interactions that require authentication.

Credit union members worldwide will also have access to a CULedger issued digital credential, called MyCUID that adheres to the privacy-by-design requirements of self-sovereign identity supported by the Sovrin Foundation. MyCUID will help credit unions support shared financial services which allows members to conduct transactions among any credit union on the network.