The Denver-based fintech CUSO CULedger announced a new name and brand Wednesday: Bonifii. According to the CUSO, Bonifii is a play on the word bona fide, which means genuine or authentic and reflects its flagship product, MemberPass.
“The ‘ii’ at the end of Bonifii is a symbolic reference to our mission, which is to deliver a trusted and verifiable peer-to-peer exchange network,” Julie Esser, SVP of marketing and communications for Bonifii, stated.
The new name is reflected on the organization’s website, now located at bonifii.com.
Bonifii blossomed out of CUNA’s National Credit Union Roundtable event in 2017 as a research to action project focused on developing a proprietary blockchain/distributed ledger network and product exclusively to be used for call center identification purposes. It later evolved into a CUSO, allowing credit unions to join its digital network of peer-to-peer financial exchange. Bonifii’s offerings include the digital passport MemberPass (formerly known as MyCUID), which enables credit unions to assign members a single digital credential that serves as verification for contact center interactions, loan applications, and transactions such as bill pay, external ACH and wire transfers, while providing control and privacy of their personal information.
Last month, Bonifii announced it had acquired CUFX (Credit Union Financial Exchange) from CUNA’s Technology Council.
“CUFX is the result of a grass-roots initiative,” Chris Saneda, former CUNA Technology Council chair, CUFX steering committee member, and EVP and COO at the $4.5 billion, North Chesterfield, Va.-based Virginia Credit Union, said in a Feb. 5 news release. “It started with senior IT credit union executives who recognized a need for credit unions as they were trying to get their different systems to work together. The CUNA Technology Council leadership was instrumental in helping to get CUFX off the ground and continued to provide resources as it progressed into its position today. With the transition to CU Ledger, CUFX will get added support and continue to work with its users and CUNA Technology Council volunteers to assist with future improvements.”