Thank you for your continued interest in CULedger, we wanted to update you on the progress made by the CULedger teams.
There are currently three active CULedger Committees:
- Executive Leadership – CULedger leadership members include CUNA, Desert Schools, CO-OP Financial Services, MWCUA, Best Innovation Group, CU Direct, Payments Services for Credit Unions (PSCU), and Card Services for Credit Unions (CSCU). Rudy Pereira, CEO of Royal CU in Wisconsin as well as the Board Chair for the National CEO Roundtable, chairs the Executive Leadership committee.
- Application Selection Committee – Chaired by Tony Boutelle, CEO of CU Direct.
- Network and Technology Committee – Chaired by David Arujo, CIO of Digital Credit Union.
CULedger membership currently includes more than 60 contributing organizations that include credit unions, CUSOs, selected 3rd party technology firms, and Associations from the domestic U.S., Canada and Europe. The largest participating credit union holds assets of approximately $20 Billion, and the smallest holds assets of around $50 Million.
Proof of Concept
This initial phase of CULedger is designed to be a “Research to Action” initiative focused on using proof of concepts (POCs) to identify, develop and test.
To that end, three have been identified.
- Identity and Money Transactions – The goal of this POC is to begin to show the value of Distributed Ledger Technologies for Identity management and point to point credit union financial transactions. One of the features of this POC will utilize Distributed Ledger Technologies to execute contracts in seconds, not days. Much progress has occurred here, and demonstrations are now being scheduled.
- Passwordless Login – The POC is divided into two phases, Planning (Phase 1) and Implementation (Phase 2). We are almost halfway done with Phase 1. Suncoast is the initial credit union selected to test the credit union home banking interface. Fraud continues to haunt our CUs, so excitement is building within the CULedger community to move this POC forward.
- Card Not Present Fraud – PSCU, CSCU, and CO-OP, with the assistance of Best Innovation Group, are working on this third POC. Special thanks to Jim Yates, CEO of First Ed FCU in Cheyenne, for moving this concept forward. Jim also sits on the CULedger Executive Leadership Committee, as well.
At the moment, over 60 organizations that have contributed R&D money to the CULedger initiative. We are shooting for a budget of $1.5 million, and we have currently raised approximately half of that amount. Our current expenditures amount to less than $100K.
At the end of the Research and Development phase, the Executive Leadership Committee will make recommendations for a “go forward” strategy that includes entity and investment opportunities for the credit union industry.