Trust Registries: A Real-World Example with Bonifii’s MemberPass®
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Bonifii, an innovative financial technology company, has developed MemberPass®, a solution that proactively protects credit union members from becoming victims of financial fraud. MemberPass® allows member institutions (credit unions and other financial institutions) to issue credentials to their members. When a credit union verifies their members, they use cryptography, self-sovereign identity credentials and communications to prove the following key things:
- The connection is the same private connection that was established with their own member (this is two-way – the member knows this too).
- The member still holds the credential.
- The contents of the credential haven’t been tampered with.
- The credit union signed the credential using its Decentralized Identifier – its DID.
Getting cryptographically secure facts like these helps the credit union and their member be sure they aren’t talking to bad actors.
But when another institution starts to use a credential, the cryptography can only go so far.
Another institution can know that:
- The person holds the credential (they aren’t a member of that other institution).
- The contents haven’t been tampered with.
- A DID signed the credential.
What we don’t know is whether the DID that signed the credential is really a trusted credit union or not.
To know that the institution checks the MemberPass Digital Trust Registry®. The trust registry is maintained under Bonifii’s governance framework, and Bonifii has a solid process that validates the institutions listed in the MemberPass Digital Trust Registry®.
Increase Trust and Streamline Operations
The use of a trust registry allows new institutions to join the MemberPass® network and quickly validate the information from any participating member institutions. Further, it provides for the efficient sharing and verification of information among credit unions and their partners, increasing trust and streamlining business operations.
The operational ecosystem, anchored by the MemberPass Digital Trust Registry®, provides Bonifii with a comprehensive solution for managing its identity verification data and interactions. MemberPass® offers a streamlined and user-friendly interface that allows members to easily manage their digital identity, including adding and removing authorized credentials, viewing transaction history, and monitoring for suspicious activity—allowing members to easily and securely access their financial accounts and complete transactions.
The implementation of Trust Registries in the financial industry, as demonstrated by Bonifii’s MemberPass Digital Trust Registry®, is a powerful example of how this technology can increase trust and streamline business operations. Trust Registries provide a significant step forward in the efficient and secure management of identity verification data and interactions in the credit union industry.
About Bonifii: By providing a safe, secure, and convenient identity verification solution, MemberPass® is solving one of the credit union industry’s biggest problems by reducing member friction and injecting trust in digital interactions. The use of a decentralized trust registry in MemberPass® is a real-world example of how organizations can use this technology to increase trust and streamline business operations.
About Continuum Loop: As a leading consulting firm, Continuum Loop played a vital role in the development and launch of MemberPass® and the MemberPass Digital Trust Registry®. Darrell O’Donnell was embedded as the CTO, providing crucial expertise and leadership. Through their partnership, Continuum Loop and Bonifii successfully deployed the first-ever Trust Registry for MemberPass®, significantly enhancing the platform’s security and user convenience.
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