CU Ledger, a consortium of U.S. credit unions, announced on Monday, March 11, that it will work with IBM to develop blockchain solutions to improve services such as identity authentication and know-your-customer (KYC) compliance. CU Ledger also indicated it is looking to blockchain to improve payments and lending.

Marie Wieck, General Manager, IBM Blockchain explained that through their collaboration, “credit unions will be able to cooperate and receive shared value from quickly exchanging sensitive data in a permissioned, individually controlled, and transparent way. This decentralized approach using blockchain helps put the customer in control of their own identity.”

CU Ledger is a credit union-owned CUSO (credit union service organization), formed in 2017 by a consortium of U.S. credit unions interested in exploring and developing blockchain solutions for their business needs.

CU Ledger expects its blockchain network to be available to credit unions beginning later in 2019.