Bonifii’s new identity credential completes pilot with Lone Star Credit Union
BonifiID, the new identity credential delivered by Denver-based credit union service organisation Bonifii, has successfully completed a proof of concept (PoC) to onboard new account holders for Lone Star Credit Union using a GlobaliD digital wallet, and is now looking to expand to other credit unions in the US.
Lone Star Credit Union, which is based in Dallas, Texas, used the product to verify the identity of new customers without engaging the paper-based processes of traditional onboarding systems.
Bonifii developed the solution in collaboration with GlobaliD, its partner of two years, as a means to not only streamline onboarding for credit unions, banks and other financial institutions, but to also mitigate the risk of fraud in existing administrative processes.
In communities with limited access to paper documents or plastic cards, the product is also poised to drive financial inclusion through the widened ability of institutions to offer services to verified customers.
With the PoC now complete, the product is expected to be leveraged by more credit unions, with legacy system compatibility made possible through the integration platform Janusea.
“As the next generation of banking customers matures, the requirement of producing the right pieces of paper or plastic cards to open a bank account is fading away,” explains John Ainsworth, CEO of Bonifii.
“By simplifying the identity process and allowing the individual the control over a verifiable proof of their identity, more people can access traditional financial services than ever before,” adds Vadim Slavin, head of product at GlobaliD.