Communication Federal Credit Union is deploying Tyfone's mobile banking software.
Tyfone's suite enables mobile banking via mobile app, mobile web or SMS. It is capable of integrating with Fiserv's XP2 core account processing software and is said to provide financial institutions a path to deploying mobile payments through its iCashe mobile wallet.
The Oklahoma City-based credit union—which has about $850 million in assets and serves 55,000 members in Oklahoma and Kansas—and Tyfone did not immediately return requests for comment on the scheduled rollout of mobile banking and payments.
To use Tyfone's mobile wallet, users link their own cards and digital gift cards from a group of merchants. Tyfone sells a microSD secure element solution with an integrated NFC antenna that consumers could use to make payments at retailers that accept contactless cards. (A spokesperson said the credit union does not plan to deploy NFC contactless payments for within the next six months.) Tyfone has gotten credit unions such as Security Service Federal Credit Union to use the wallet technology.
Other financial technology providers are considering mobile banking/payments integration to drive consumer adoption of both services. Fiserv, for example, recently integrated its Popmoney person-to-person payments service with its hosted mobile banking service Mobiliti.
