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TYFONE: Secure and Convenient Digital Banking to all Screens

CIO VendorDr. Siva G. Narendra, CEO The digital banking landscape is changing as financial institutions undertake digital transformation. Mobile banking as a standalone entity is being eclipsed by digital banking, which allows banking to be conducted across mobile devices and internet-connected devices such as PC’s, kiosks, and wearables. Increasingly, digital banking means being able to bank when and how you desire, from a watch to the branch!

Bringing further clarity to the idea, Tyfone’s CEO, Dr. Siva G. Narendra says, “The thin line between mobile banking and internet banking is vanishing.” Tyfone has effectively positioned itself at this point of convergence, providing best-in-class solutions that aim to unlock the potential and growth represented by digital banking channels. Customers of banks and credit unions today expect financial institutions to go way beyond simply providing banking services in their branches. “The answer is to provide a digital banking solution that offers the right blend of convenience, functionality and security, which allows customers to choose their banking experience regardless of digital device type,” adds Tyfone’s Chief Revenue Officer, Daniel Rawlings. Tyfone has developed its nFinia™ - Secure Digital Banking Suite to do just that.

"Our vision is to bring digital technology that is relevant to financial institution’s customers today, and future-proof them as well"

Consumer preferences and empowerment are the driving forces behind the digital transformation sweeping across the banking industry, and there is a clear trend towards the convergence of mobile and other online channels. “Of course, mobility is a key driver”, asserts Dr. Narendra, “but banking customers today want to use whatever digital devices they prefer, and enjoy a consistent user experience that is secure and functionally comparable across all digital channels.” Meanwhile, financial institutions are facing the challenge of creating an environment that drives productivity, speed, and innovation. Digital transformation may offer financial institutions boundless opportunities to grow and create value, but often at the cost of higher risk if they are not thinking “secure by design”.

For instance, the proliferation of smartphones has made mobile banking the fastest growing segment in digital banking both for users and for employees that manage them. However, due to the vulnerabilities of the mobile channel, risks such as malware, data theft, fake interface apps, and a host of other digital threats increasingly call for elevated security. In what has been a catch-22 situation, consumers and employees typically can either have a convenient User Experience (UX) with lower levels of security that elevate risk or they can have a high level of security but a lousy user experience. “It doesn’t have to be that way. Tyfone has built its banking solutions from the ground-up to bring the highest levels of security to digital banking while also providing a convenient and functionally rich user experience both for consumers and employees—on a watch, phone, tablet, PC, or Kiosk,” Dr. Narendra says.

Offering Security, Convenience, and Rich Functionality

Founded in 2004, Tyfone has become a ‘vendor of choice’ across industries that value security and convenience, in the hyper-connected digital world of mobility, cloud, and IoT. Protected by 140 issued and pending patents, Tyfone’s ground-up approach sets the company apart from its competitors, who often have grown through acquisitions, end up with different platforms for mobile and internet banking that may have incoherent product strategies and security as an afterthought.


We bring digital banking to all screens and enable convenience by providing all levels of security in one solution


In contrast, Tyfone’s mobile-first, adaptive, and responsive design allows the company’s secure digital banking suite— nFinia—to make this type of incoherency and mediocre security a thing of the past. nFinia is a unified multi-channel solution, engaging banking customers through feature parity across online, tablet, and mobile channels to ensure a consistent banking experience. In addition to online and mobile banking, nFinia facilitates popular digital banking functions such as bill pay and money transfers, Person-to-Person (P2P) transactions, Personal Financial Management (PFM), and target marketing analytics. Delivered as a SaaS model, nFinia has native integrations to mainstream banking cores, and rapid deployment default configurations tailored to the needs of each financial institution that are easily configured and deployed so that financial institutions can be up and running in weeks, not months.

Part of nFinia’s winning combination is that it leverages Tyfone’s u4ia™ security platform, providing strong identity authentication and transaction security without compromising ease-of-use. It empowers banks to leverage authentication options based on both software and hardware tokens, compliant with all National Institute of Standards and Technology (NIST) levels of assurance, to match the varying risk levels of the transactions performed by a user. “We provide all levels of security defined by NIST—password, biometrics, one-time password, and cryptographically-secure digital certificates using software and/or hardware,” adds Dr. Narendra. The built-in policy engine of u4ia allows stepped-up security depending on an organization’s risk thresholds, effectively securing “who can do what”. When it is deployed for securing the identity and transactions of people, as in digital banking applications, u4ia’s policy engine allows financial institutions to optimize the combination of security and convenient user experiences based upon their risk policies.

This ‘all of the above’ approach allows users of Tyfone’s platform to log in with a simple password or no password at all for checking their account balance, use fingerprint biometrics to move money within the bank and use Tyfone’s SideCard to move money in real-time on ACH or wire transfer simply by pressing a button without having to wait for a call back or other cumbersome process.

SideCard™—Future proofing Security and Convenience

Tyfone’s SideCard is a future-proof solution that allows an organization to implement decentralized and distributed user authentication in a convenient, familiar form factor. With Point-Of-Sale (POS) software technology changing fast, Europay, MasterCard, and Visa (EMV) chip cards have gained the position of global standard for secure transactions.

If you need chip-based cards to protect your money when you use the POS device, it is only a matter of time that you will need chip-based cards to protect your money when you use PCs or mobile phones.

Daniel Rawlings, CRO
Although not necessary for all transactions—only the ones that are deemed risky—SideCard delivers the highest levels of security and convenience, especially when compared to the cumbersome multi-step process of password entry, one-time password, or waiting for a call back from the bank or having to go to the branch. You can watch a demo video at http://tiny.cc/tyfone

SideCard interoperates with Tyfone’s u4ia digital security platform for identity and transactions, making it a preferred solution for banks to secure both its customers and employees. The smartcard Secure Element (SE) in the SideCard is an industry standard solution, providing the highest levels of built-in tamper-resistance, secure storage, and hardware encryption. It combines “What the user has” and “What the user knows” to provide two-factor authentication. The security credentials stored inside the SideCard can be used for either One Time Password (OTP) or challenge-response based implementation.

Adding to its appeal, Tyfone makes all of its solutions available to clients at an affordable price, especially at times when the changing dynamics of the marketplace is forcing banks to adapt to continuous settlement of Automated Clearing House (ACH), by bringing cost-effective identity security to the forefront. Today, ACH Network is regarded as one of the largest, safest, and most reliable payment systems in the world. To ensure maximum security, it takes into account, a number of steps that users need to comply, while sending or receiving payments through the ACH network—username, passwords, bank details, and routing numbers. Some payment providers also use data encryption and tokenization with their ACH offerings, and this is where Tyfone proves to be a worthy partner for security.

Gaining Prominence within Financial Services

With teams in India, Taiwan, and the U.S., Tyfone effectively serves the needs of its customers spread across the globe. For instance, a top ten credit unions in the U.S was struggling with a multi-vendor solution for mobile and online, with different functionalities and high operational and integration costs. Upon engaging with Tyfone, the client was not only able to achieve feature parity and security across its mobile and online banking channels but was able to significantly reduce IT complexity and their total cost of ownership.


Tyfone’s nFiniaTM - Single codebase digital banking to all screens

“We foresee Tyfone being the generally recognized up-and-coming provider in digital banking and security solutions for the financial services industry,” commented Rawlings, “We’ve been able to successfully leverage our thought leadership and intellectual property to bring digital banking to all screens and enable convenience by providing all levels of security in one solution.” Dr. Narendra concludes by adding, “Our vision is to bring secure digital technology that is relevant to financial institutions and their customers today, but also future-proof them so that they can continue to enjoy one platform that remains convenient, functionally rich and secure even into the future.”

- Syeda Tina Tabin
    March 20, 2017