The multiple domains of online payments, mobile banking, and virtual wallets migrate another step closer together in Tyfone’s newly-announced solution for mobile financial services. According to a press release,
“Tyfone Mobile Banking is built on top of the company’s u4ia® mobile financial services platform that also enables contactless payments using near field communications (NFC) and strong authentication ID management, providing banks with a multi-faceted roadmap for offering comprehensive digital wallet and payment services.”
According to Mark Miyamoto, Tyfone’s director of mobile banking product development, “The proliferation of smartphones and low cost data plans enable financial institutions the ability to convert a costlier ‘serviced’ banker into an efficient, low cost ‘self-service’ mobile banker, offering more strategic value and cost efficiencies to the financial institution.”
The combination of multiple functions seems to make this solution an attractive option for some financial firms. The referenced installation is at OnPoint Community Credit Union, in the Pacific Northwest, running with an interface to Fiserv’s XP2 core system and Digital Insight’s online banking module via a single sign-on.