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Sherpa Technologies launches partnerships with ID-Pal, CULedger to simplify identity verification

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An emerging, critical component to digital onboarding and the growing financial technology (fintech) marketplace is the importance of having a strong and seamless digital identity verification solution.

In March, Corporate One’s new credit union service organization (CUSO), Sherpa Technologies, launched ID-Pal, a holistic identity verification solution. Sherpa chose ID-Pal because it is a compliant, end-to-end solution that offers credit unions a comprehensive and seamless verification and member experience. Following closely on the heels of Sherpa’s ID-Pal launch came a collaboration announcement with CULedger, who is exploring using ID-Pal in it’s MyCUID application, which further validates the growing importance of identity verification to credit unions.

How ID-Pal works

Through ID-Pal’s simple and intuitive interface, which reflects the credit union’s brand, credit union members can upload their identity documents and information in less than five minutes and in just a few easy steps. The web portal allows the credit union to review the outcome of technical and manual checks performed on the identity documentation to check for forgery and tampering. Customer Due Diligence (CDD) reports are then generated and securely stored, providing a rigorous and robust compliance process for the credit union.

ID-Pal provides a seamless yet thorough process for verifying a member’s identity across a wide variety of use cases. Examples include faster digital account opening/onboarding, which is projected to account for 80 percent of new member onboarding by 2020; more convenient indirect car loans; and more cost-effective mortgage applications.

Collaborative initiative to integrate ID-Pal with MyCUID

On March 12, CULedger, a CUSO that focuses on delivering the world’s premier network of one-to-one financial exchange for credit unions, entered into a Letter of Understanding (LOU) to collaborate with Sherpa and ID-Pal. The LOU enables CULedger and Sherpa to collaborate on the development and delivery of a streamlined, secure authentication method and digital identity to credit union members. By utilizing CULedger’s MyCUID, members will receive a tokenized credential that is created instantly using the ID-Pal verification process.

Members can use this credential to authenticate themselves at any time they wish to engage the credit union via any channel, from in-branch to mobile banking. The credential will provide this authentication not only to the member’s own credit union, but to any other credit union or business enabled on the CULedger network. The process removes significant friction in a variety of use cases, including a member on-boarding process and subsequent member interactions with the credit union.

Sherpa and CULedger developed a simulator for credit unions to leverage and examine the technical feasibility of implementing the joint solution. The simulator was on display at CUNA GAC in Washington, D.C. on March 11 and 12. Live pilot implementations of the solution are slated to begin in mid-2019.