Cooperative CUSO CU*Answers recently announced that Bonifii’s state-of-the-art biometric authentication technology will soon be available to CU*BASE® core credit unions. The successful integration of the Bonifii solution, known as MemberPass®, was concluded in December 2023. The rollout will offer all CU*Answers credit unions the seamless capability to incorporate Bonifii’s biometric authentication solution into their suite of member authentication and fraud prevention tools. encurage Financial Network Credit Union (EFNCU), a valued client of CU*Answers, is poised to be the pioneer, offering the integrated solution to their members in March 2024.
The Bonifii solution with CU*BASE empowers credit unions to:
- Drastically Reduce Member Authentication Time: Achieve an impressive reduction of over 50% in contact center authentication time, completing the process in just 15 seconds or less.
- Revolutionize Authentication Across Multiple Channels: Replace authentication in various channels without the need for passwords and challenge questions by seamlessly merging biometric validation with digital credential authentication.
- Eliminate PII Exchange or Storage: Eradicate the exchange or storage of personally identifiable information (PII), a common source of identity fraud.
- Optimize Expenses and Fraud Protection: Reduce expenses by providing enhanced fraud protection and minimizing MSR time spent on authenticating members.
- Swift Deployment of Leading-Edge Fraud Prevention: Deploy a cutting-edge fraud prevention solution (W3C and FIDO2 compliant) within days, ensuring immediate security benefits.
- Efficient Member Enrollment: Enroll members swiftly without requiring any additional apps for download, guaranteeing a streamlined user experience.
Geoff Johnson from CU*Answers remarked, “Bonifii’s biometric authentication solution will provide our credit unions with a significant leap forward in enhancing the security and efficiency of user authentication. We are excited to continue working with Bonifii in providing our credit unions with excellent options in ensuring the security of their data. ”
In addition to introducing biometric authentication in lieu of legacy knowledge-based authentication, the Bonifii solution also delivers a digital credential, or token, to the member’s smart device. This token undergoes cryptographic verification each time the member engages with the credit union, providing an additional layer of security. The solution not only mitigates potential fraud associated with in one-time-passcode (OTP) solutions, but also complements other biometric solutions such as voice recognition, adding an extra layer of security for the member and the credit union. Importantly, the Bonifii solution excels in providing robust authentication in mobile and online channels where voice biometrics may not be applicable.
Michael Abraham from encurage Financial Network Credit Union states, “The Bonifii solution aligns perfectly with our commitment to providing advanced security measures for our members, addressing safety concerns, and enhancing their overall satisfaction.”
The next project CU*Answers will be working on with Bonifii will be to integrate the solution into the It’s Me 247 online and mobile banking platforms. This strategic move allows CU*Answers credit unions to deploy the solution seamlessly today across various channels, including branches, drive-thrus, ITMs, and contact centers, with subsequent integration into online and mobile banking channels.
John Ainsworth from Bonifii emphasizes, “This alliance represents a significant step forward in redefining authentication standards in the credit union industry. Bonifii values the leadership of CU*Answers in the credit union industry, and we’re most grateful for EFNCU’s’s role in being the first CU*BASE client to deploy MemberPass.”
In conclusion, the alliance between CU*Answers and Bonifii ushers in a revolutionary biometric authentication solution for credit unions, elevating security, reducing authentication time, and garnering high praise from members.
About CU*Answers, Inc.
CU*Answers offers expertise in implementing technical solutions to operational needs, and is a leader in helping credit unions form strategic alliances and partnerships. CU*Answers provides a wide variety of services for credit unions including its flagship CU*BASE® processing system (online and in-house) and Internet development services featuring It’s Me 247 online and mobile banking. Additional services include web development, network design and security, and image check processing. Founded in 1970, CU*Answers is a 100% credit union-owned cooperative CUSO providing services to credit unions representing over 2 million members and $26 billion in credit union assets. For more information, visit www.cuanswers.com.
About encurage Financial Network Credit Union
encurage Financial Network was launched in 2023 as a network credit union, uniting four legacy institutions under the name First Financial Credit Union. Serving over 14,000 members, encurage is dedicated to educating and inspiring its members while expanding their access to tools and resources. To learn more, visit www.firstfcu.org.
About Bonifii
Bonifii, a credit union service organization, offers MemberPass—a simple, secure, and convenient form of biometric authentication. MemberPass provides credit union members easy access to their financial accounts, proactively preventing fraud and ensuring the security of their personal information. Visit www.memberpass.com to learn more.
