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Celero joins pilot program to build blockchain solutions for credit unions

May 01, 2017
Calgary, AB (May 1, 2017) - Celero is joining forces with more than 70 organizations from around the globe focused on developing blockchain technology solutions adapted for credit unions.

Celero has become a member of CULedger, a distributed ledger blockchain consortium of credit unions, credit union service organizations, selected third-party technology firms, and associations from Canada, the United States and Europe. The largest participating credit union holds assets of approximately $20 billion, and the smallest holds assets of around $50 million.

 “It is clear that blockchain technology will be part of the financial marketplace soon, either as a distributed ledger solution or as digital currency like bitcoin,” says Simon Vincent, Celero’s chief commercial officer. “We are excited to become part of the CULedger initiative and help articulate the vision of what blockchain technologies can mean for credit unions and help increase their competitive advantage in the market.”

The initial phase of CULedger is designed to be a “Research to Action” initiative intended to pilot a specific set of use cases that prove the benefits and value of distributed ledger technologies for credit unions. CULedger has identified three proof of concepts to develop and test in its first phase, including identity and money transactions, passwordless login and card not present fraud prevention.

“It is truly an exciting step to have Celero join the CULedger team,” says Rick Cranston, vice president, Innovation and Product Development, Mountain West Credit Union Association, and a member of the CULedger steering committee. “Celero’s reputation, size, and scale will add to CULedger’s growing ability to provide truly international service to credit unions in both Canada and the United States. Their track record of offering credit unions proven skills in systems integration and system delivery through proven strategy and IT execution services is a very good match for the CULedger initiative, and we look forward to working with the Celero team.”

To provide more information about blockchain and distributed ledger technology (DLT) and what it will mean for credit unions in the future, Celero is hosting a webinar on Wednesday, May 17, at 10 a.m. MT. Presenting will be John Best, founder and CEO of the financial technology firm Best Innovation Group (BIG), which focuses on industry-wide code sharing and API prototype development. John and his teammates at BIG have developed a financial services-based Amazon ECHO platform and, in partnership with Credit Union National Association (CUNA) and the Mountain West Credit Union Association, launched the CULedger network.

Register to attend the webinar

You can also learn more by reading the CULedger white paper The Case for CULedger – A Credit Union Owned Distributed Ledger Platform.