CULedger, an industry leader in privacy- and security-enhanced solutions announces today the changing of its name to Bonifii. This rebranding strategy reflects both the evolution of the company and its vision for future solutions.
CULedger started in 2017 as a research to action project from CUNA’s National Credit Union Roundtable focused on the development of a proprietary blockchain/distributed ledger network and a product exclusively used for call center identification purposes. As technology evolved, so did the services the company offers. One of the strongest established use cases for blockchain or distributed ledger technology is decentralized identity which supports the use of best-in-class privacy and security technologies.
Its flagship product, MemberPass(R), is an example of the exchange of verifiable credentials leveraging a combination of distributed ledger, biometrics and cryptography to protect credit unions’ consumer and small business members. MemberPass is a digital passport that allows members convenient access to their financial accounts while allowing control and privacy of their personal information. MemberPass, powered by Bonifii, will change the way consumers engage and interact with products, services, and information in a digital financial world, and soon in other industries like health care, travel and government.
Earlier this year, Bonifii announced the acquisition of CUFX (Credit Union Financial Exchange) from CUNA’s Technology Council. Under Bonifii, CUFX will be positioned as the exchange of data supported by a systems integration standard and will allow credit unions to increase the speed to become more digital.
“The brand, Bonifii, is a play on the word “bona fide,” which means genuine or authentic and is reflective of our flagship MemberPass product. The 'ii' at the end of Bonifii is a symbolic reference to our mission which is to deliver a trusted and verifiable peer-to-peer exchange network,” explains Julie Esser, senior vice president of marketing and communications for Bonifii.