CULedger Announces Collaboration with IBM

Together, the companies will pioneer new blockchain-based services to help credit unions provide a better experience for members. Learn more about investment opportunities on March 28, 2019, at our informational webinar. 

CU Ledger
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.

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.

“A cooperative model that helps improve the member experience while benefitting all credit unions is the ideal approach to ensuring the next wave of financial innovation for the credit union industry,” said John Ainsworth, CEO and President, CULedger. “We are creating a network through which all members can join and access new services and enabling credit unions to become even more competitive while addressing new market dynamics where members are demanding even more for their financial services provider.”

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.

Blockchain’s potential value to the enterprise is expected to grow to more than $360 billion by 2026, then surge to more than $3.1 trillion by 2030, according to a recent Gartner report1. As the financial services industry continues to evolve, blockchain technology is being used to help address consumer demands for safer, faster and more efficient transactions.

“Credit unions will be able to cooperate and receive shared value from quickly exchanging sensitive data in a permissioned, individually controlled and transparent way. This decentralized approach using blockchain helps put the customer in control of their own identity,” said Marie Wieck, General Manager, IBM Blockchain. “The work underway between CULedger and IBM will also lay the foundation for new kinds of services and collaboration among credit unions as we work together to scale and extend the network.”

As the leader in Enterprise Blockchain, IBM brings deep expertise in the financial services industry and experience in building blockchain networks among large ecosystems of members. IBM Blockchain supports real business needs while addressing the requirements for accountability, privacy, scalability and high security in the network. Initial services on CULedger’s blockchain network will be available to credit unions worldwide beginning later in 2019.

Want to learn more? Register for a Blockchain Webinar on Thursday, March 28, 2019, hosted by John Bratsakis, CEO/President MD|DC Credit Union Association and Julie Esser, CEO of CULedger.

CULedger Overview & Investment Opportunity
Thursday, March 28, 2019
 | 9:30 am
Register Here