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Bonifii, a Denver-based fintech CUSO formerly known as CULedger, has partnered with hybrid fintech/regtech platform provider FinClusive, infusing FinClusive's compliance and security capabilities into its flagship product MemberPass, Bonifii announced last week.
MemberPass (formerly known as MyCUID) enables credit unions to assign members a single digital credential that serves as verification for contact center interactions, loan applications and transactions such as bill pay, external ACH and wire transfers, while providing control and privacy of their personal information. Through the new partnership, FinClusive's Anti-Money Laundering (AML)/Know Your Customer (KYC) capabilities will be integrated with MemberPass, enabling individual and small business credit union members to establish verifiable digital identities backed by their essential financial crimes compliance (FCC) information, Bonifii said.
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According to the announcement, MemberPass identities will be protected by the latest cryptographic technology, provide due diligence verification for global FCC standards, and maintain the privacy of sensitive personal or business information and credit union members' personal- or entity-identifying information. The identity solution is now available at all U.S. credit unions in the MemberPass network.
The solution was also designed to support credit unions and members in today's increasingly remote environment, as it enables a touchless experience for members and allows for digital member onboarding, Bonifii said. In addition, through the use of FinClusive's compliance as a service platform, legal entities can be assigned a globally recognized legal entity identifier – something that's increasingly being recognized by global financial services regulators and institutions as the standard for Know Your Business (KYB) verification.
"The addition of FinClusive into the MemberPass verification network strengthens and extends the secure, privacy-preserving and touchless verification experiences that all credit union members are looking for today," Bonifii CEO John Ainsworth stated. "In leveraging FinClusive's compliance-as-a-service stack, Bonifii is able to provide credit unions and their members a digital identity credential that is continually monitored for legitimacy and financial crimes, ensures essential screens and background checks are up to date and protects users' privacy. This will allow members to have a faster and safer experience with their credit union service. It also protects credit unions from fraud and identity theft."
FinClusive CEO Amit Sharma added, "FinClusive's mission has always been to modernize the regulatory compliance system and allow alternative financial service providers, small businesses, nonprofits, and marginalized individuals and organizations access to essential financial services. Our vision aligns perfectly with Bonifii's mission to build trust and increase inclusion between credit unions and their members through new technologies. We are excited about extending a robust full-service suite of compliance capabilities through CaaS and future financial technology enablements – including those related to virtual assets – to the credit union community, who are a cornerstone of community-based financial services – not just in the U.S., but also globally. I'm proud that we're doing this in a way that reinforces essential privacy, transparency and modernized regulatory compliance in financial services."
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Natasha Chilingerian
Natasha Chilingerian has been immersed in the credit union industry for over a decade. She first joined CU Times in 2011 as a freelance writer, and following a two-year hiatus from 2013-2015, during which time she served as a communications specialist for Xceed Financial Credit Union (now Kinecta Federal Credit Union), she re-joined the CU Times team full-time as managing editor. She was promoted to executive editor in 2019. In the earlier days of her career, Chilingerian focused on news and lifestyle journalism, serving as a writer and editor for numerous regional publications in Oregon, Louisiana, South Carolina and the San Francisco Bay Area. In addition, she holds experience in marketing copywriting for companies in the finance and technology space. At CU Times, she covers People and Community news, cybersecurity, fintech partnerships, marketing, workplace culture, leadership, DEI, branch strategies, digital banking and more. She currently works remotely and splits her time between Southern California and Portland, Ore.
