Mobile Payment Magazine

Sutherland and Tyfone Partner in Mobile Banking Services

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Sutherland Global Services, a provider of Business Process Outsourcing (BPO) services, has announced a partnership with Tyfone, a global provider of unified mobile secure transaction infrastructure for mobile banking, mobile identity management and mobile contactless NFC payments.

Over the last twenty years mobile financial services have become the fastest growing distribution channel for financial institutions. Mobile channels have helped to reduce customer attrition and improve customer acquisition and provide new revenue streams.

The partnership combines Sutherland’s financial services domain expertise and global presence with Tyfone’s ability to deliver mobile financial services and mobile payments functionality on a single platform – extending any banking product to any mobile phone on any operating system over any network. The Sutherland-Tyfone combination also provides a means for delivering NFC contactless payment capabilities to customers via Tyfone’s u4ia pre-integrated mobile financial services platform.

“The financial services ecosystem is quickly changing and the ability to recognize and adapt to customer needs and demands plays a vital role in Sutherland’s success in the industry,” stated Dilip Vellodi, Chairman and CEO of Sutherland Global Services. “Tyfone’s technology innovation in the mobile banking industry and expertise in helping financial institutions to leverage the benefits of the mobile platform perfectly complements Sutherland’s specialized services in various Financial Services segments.”

Financial institutions are turning to specialized-services companies like Sutherland to maintain profitability and reduce time-to-market, especially in the current economic environment. By adding advanced offerings like mobile banking and NFC contactless payments, Sutherland enables financial institutions to quickly and easily provide their customers with secure mobile services and at the same time access potentially new revenue streams

“Bringing our proven, patented technologies to Sutherland’s sterling record of providing streamlined, cost-saving financial services is an excellent partnership opportunity for Tyfone” said Prabhakar Tadepalli, Tyfone’s chief operating officer and co-founder. “Through the implementation of our u4ia platform with its available companion SideTap, Sutherland will be able to provide its customers with the tools necessary to deliver a robust mobile banking solution to their clientele, making trusted, feature-rich mobile banking a reality.”

Source: MobilityWire

Tyfone Receives Patent for Mobile Wallet Technology

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Over the next two years, analysts forecast contactless payment transactions via MicroSD technology will be used by more than 20 million people in North America alone, at thousands of contactless payment terminals already in place. According to a Sept. 2009 forecast by Juniper Research, near-field communications (NFC) contactless payment global gross transaction value is expected to exceed $30 billion by 2012.

Tyfone  has recently been awarded a patent for its new mobile electronic wallet technology. The technology enables the use of a mobile phone having a memory card slot and a memory card compatible with the memory card slot to transmit transaction data to a reader device. The memory card includes circuitry used to produce a time-varying magnetic field that enables a contactless transaction. The circuitry used to produce a time-varying magnetic field may include smartcard circuitry.

Tyfone, based in Portland, OR and Bangalore, India, is a global provider of unified mobile money and secure transaction infrastructure for mobile banking, mobile identity management, and mobile contactless NFC payments

“Tyfone recognizes the value of this intellectual property and the hard work that it has taken to continue developing innovative solutions, confirmed by this patent issuance. This patent will uniquely enable solutions that will allow consumers to benefit from the convergence of money and mobility,” said Dr. Siva Narendra, chief technology officer at Tyfone. “Our innovations allow financial institutions to provide secure, convenient and holistic solutions, therefore enable a value driven user experience to multiple generations of consumers, whose needs and usage models differ widely. Tyfone’s neutral secure commerce solutions are easily implemented and scalable by financial institutions, merchants, account issuers, or network operators. Ensuring security and a positive consumer experience are our guiding principles.”

“As recent news from major financial, mobility and computing brands demonstrate, all the stakeholders in financial services and commerce are converging on mobile,” said Dr. Narendra. “The NFC and contactless market is heating up now more than ever as handset manufacturers, OS developers, network operators, payment card networks and financial institutions all race to secure a stake in this technology and its direction. Tyfone’s innovations include a secure end-to-end mobile money and transaction platform that also provides neutral contactless NFC solutions.

Unlike software-only technologies that refer to their application as an electronic wallet and are limited in functionality and security, Tyfone’s platform includes the SideTap™ neutral secure element — thereby creating a digital container and functionality, unavailable in software-only solutions, for securely storing content for a true electronic “wallet.” This solution enables any stakeholder to securely manage multiple consumer credit, debit, pre-paid, loyalty, identification, and transportation accounts for use in a wide range of payment and other secure transactions, while maintaining the storage capabilities of existing memory cards that consumers have grown accustomed to.

In the growing contactless payment marketplace, Tyfone’s patents, SideTap memory card product, and u4ia (pronounced euphoria) mobile money and secure transaction platform enable any commerce stakeholder to bring immediate scale by converting most existing handsets to be NFC ready.

Source: Tyfone