Tyfone Inc. (www.tyfone.com), a provider of mobile banking, mobile contactless payment and secure mobility solutions, today announced the company has closed Series B financing of $5 million. The preferred stock financing includes new strategic investors HDFC Holdings Ltd., Polaris Software Lab and a strategic manufacturing partner, together with continued participation from Ojas Venture Partners.

Tyfone will use the capital to accelerate production of SideTap™ MicroSD memory cards for mobile contactless transactions and scale its software centric business including mobile banking, couponing and loyalty solutions. Over the next two to three 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.

“Tyfone was founded in 2004 with the belief that ’mobility’ will create profound changes in the way people everywhere engage in commerce,” said Tom Spitzer, CEO of Tyfone. “Now that our core technology has been developed, patented and is in production, this new funding allows Tyfone the ability to bring our solutions to new markets and build a broader ecosystem. The investors who participated in our Series B financing round bring unique expertise within financial services and we’ll benefit from their knowledge beyond the value of their financial investment in Tyfone.”

“The market for mobile financial services is nascent but significant. HDFC Holdings was impressed with the team, the technology, and patents that Tyfone possesses and we recognize that Tyfone is in a unique position to leverage a global market opportunity,” said V Srinivasa Rangan, director of HDFC Holdings, Ltd.

“Polaris Software Lab’s investment in Tyfone is in line with our vision of global leadership in the financial transaction space. Our most comprehensive suite of Intellect products and Tyfone’s groundbreaking innovation in the mobile payments industry will prove to be a potent combination when packaged to deliver greater efficiency and higher value to our customers,” said Arun Jain, founder, chairman & CEO, Polaris Software Lab, Ltd.

“Ojas Venture Partners continued participation in this series B round of financing is a testament to its belief in the team, the business opportunity and the milestones the company has achieved. We have been impressed with the company’s prudence, determination and its critical accomplishments in building a unique and global product line, patents and partnerships. Our continued participation will assist Tyfone in building a strong international team, attract quality technology partners and secure significant commercial wins,” said Rajesh Srivathsa, managing partner of Ojas Venture Partners.

Over the past 12 months, Tyfone has achieved major industry milestones, including:

• Adding a US patent for “Electronic Transaction Cards” to Tyfone’s patent portfolio, which was filed February 22, 2005 and issued September 1, 2009
• Partnering with First Data to bring Tyfone’s SideTap™ MicroSD based contactless payment solution to market
• Launching of mobile banking & signing new financial institutions as mobile banking customers
• Obtaining industry recognition as a pioneer and leading innovator in the mobile transaction (NFC) and mobile banking arena

About Tyfone – www.tyfone.com
Tyfone connects money and mobility via a highly secure, scalable and flexible mobile financial services solution tailored to meet the evolving needs of consumers, financial institutions, mobile network operators, transportation companies and retailers. Tyfone’s u4ia® platform and its companion SideTap™ memory card is the world’s first patented, neutral and comprehensive memory card-based payments solution for mobile contactless payments. Tyfone and its partners enable a suite of services including Mobile Banking, Mobile Identity Management, Mobile Remote Payments, Mobile Retail Services and Mobile Contactless / NFC Payments.

About HDFC Holdings, Ltd. – www.hdfc.com
HDFC Holdings is a wholly owned subsidiary of Housing Development Finance Corporation Limited (HDFC). HDFC’s distribution network spans 279 outlets, which include 65 offices of the wholly owned distribution company, HDFC Sales Private Limited (HSPL). Besides HDFC Holdings, HDFC’s subsidiaries include HDFC Realty Limited, HDFC Property Ventures Limited, HDFC Sales Private Limited, HDFC Venture Capital Limited, HDFC Ergo General Insurance Company Limited, HDFC Standard Life Insurance Company Limited, GRUH Finance Limited and HDFC Asset Management Company Limited.

About Polaris Software Lab – www.polarisFT.com
Polaris Software Lab (POLS.BO) is a leading Financial Technology company, with its comprehensive portfolio of products, services and consulting. Polaris has a talent strength of over 9,000 solution architects and domain and technology experts. The company owns the largest set of Intellectual Properties in the form of a comprehensive product suite, Intellect™ Global Universal Banking (GUB) 10.0. Intellect™ is the first pure play SOA based application suite for Retail, Corporate, Investment banking and Insurance. Polaris is headquartered in Chennai and has offices in all global financial hubs including Tokyo, Sydney, Hong Kong, Singapore, India, Dubai, Bahrain, Riyadh, London, Belfast, Zurich, Frankfurt, Toronto, New York, Chicago, Fremont, Pittsburgh and Chile.

About Ojas Venture Partners – www.ojasventures.com
Ojas is an India centric, technology focused early stage VC firm backed by one of the early captains of Indian IT industry, Mr. Nadathur S. Raghavan, co-founder and former MD of Infosys. The first fund is a US $35 million fund.

Tyfone (www.tyfone.com), the leaders and pioneers in NFC enabled Memory Cards for mobile financial services announced today that their Managing Director, APAC, Prabhakar Tadepalli, will be presenting on the evolution and vision for mobile contactless payments. Tadepalli will address the current mindset in the industry and how alternative solutions are helping nourish the ecosystem to go beyond trials and for consumer deployments in 2011. Tyfone will be presenting its unique solution at the first forum on alternative NFC mobile payment solutions to be held in Taiwan on September 8-9, 2010.

The two-day forum on “Alternative NFC Mobile Payment Solutions & Bridging Gaps in the Ecosystem” is organized by the Asia Pacific Smart Card Association (APSCA), endorsed by the NFC Forum and supported by the Committee of Communications Industry Development of the Ministry of Economic Affairs of Taiwan.

This forum is the first opportunity for organizations planning NFC mobile payment products and services to compare and contrast different approaches to add-on alternative solutions that can “NFC-enable” existing mobile phones.

“Tyfone’s one-of-a-kind, patented, innovation, not only dramatically expands the universe of NFC-capable mobile phones” said Tom Spitzer, Tyfone’s CEO, “it also offers device independence in an issuer-centric model allowing the issuer to control both the channel and customer.”

“With the lack of NFC mobile handsets available today, end-users and all stakeholders in the NFC ecosystem want to learn more about these alternative add-on solutions that can “NFC-enable” existing mobile phones today”, says Greg Pote, APSCA Chairman. “A contactless SD card-based solution such as Tyfone’s has the added advantage of allowing institutions to neutrally offer NFC.”

About Tyfone:
Founded in 2004, Tyfone’s corporate headquarters are in Portland, Oregon, and its Asia-Pacific headquarters in Bangalore, India. Tyfone connects money and mobility via a highly secure, scalable and flexible mobile financial services solution tailored to meet the evolving needs of consumers, financial institutions, mobile network operators, transportation companies, and retailers. Operating in any standard memory card slot, Tyfone’s u4ia® platform and its companion SideTap™ memory card is the world’s first patented, neutral and comprehensive memory card-based payments solution with for mobile contactless payments. Tyfone and its partners enable a suite of services including Mobile Banking, Mobile Identity Management, Mobile Remote Payments, Mobile Retail Services and Mobile Contactless Payments. For more information visit www.tyfone.com.

Some names and brands mentioned may be claimed as the property of others. u4ia, Tyfone, and SideTap are trademarks of Tyfone, Inc.

Six months after launching a mobile banking service based on Tyfone’s financial services infrastructure, OnPoint Community Credit Union reports that usage among its members of the new mobile payments capabilities have exceeded expectations and continue to grow at a rapid pace. Each month more OnPoint credit union members are discovering the convenience of performing secure banking transactions via their mobile phones, while the number of monthly mobile banking transactions continues to soar at an average of 33 percent per month.

OnPoint Community Credit Union is Oregon’s largest credit union with more than $2.8 billion in assets. Founded in Portland, Oregon in 1932 by 16 school teachers, OnPoint has grown and evolved into a full-service institution serving close to 200,000 members. In support of its mission to provide unsurpassed member access to services, OnPoint has consistently expanded its reach through new branch openings, online banking and bill payment and growth in its ATM network. OnPoint made a commitment to further increase accessibility through an aggressive mobile banking strategy. As the cornerstone of this strategy, OnPoint announced in September 2009 it had selected Tyfone’s u4ia® platform as the infrastructure behind its mobile banking service.

OnPoint routes all SMS, APP, and WAP mobile transaction requests through Tyfone’s mode-neutral mobility platform, conveniently and securely delivering many of the services OnPoint’s members seek at branches to mobile phones that can be used anywhere in the world at any time. Tyfone’s mobility platform is integrated to XP Core Banking platform to enable this service for OnPoint.

OnPoint analyzed usage during the initial 22 weeks of its mobile banking service, covering tens of thousands of transactions. The credit union found that members were eager to try all three facets of the service including WAP/mobile Web, text message (SMS) and mobile application, with mobile Web representing approximately 50 percent of all mobile transactions, while SMS and the mobile banking application each contributed 25 percent. Checking account balances was the most popular feature, representing 69 percent of all transactions. Viewing statements came in second at 28 percent, though as members became more comfortable with mobile banking they appeared more apt to making payment transactions.

“Nothing can compete with the convenience of banking through your mobile phone,” said Jim Armstrong, OnPoint’s senior vice president of technology. “OnPoint is very careful about the technology we offer our members, making certain that we never sacrifice security for enhanced functionality or convenience. Not only does Tyfone’s financial services infrastructure meet all of our technology requirements easily, it also allows us to extend our mobile reach to NFC using their FI centric SideTap Memory Card. For the moment with the Tyfone mobile banking platform in place, we are turning mobile phones into OnPoint branches for a great number of transactions. ”

OnPoint launched the first phase of its mobile banking service at the end of 2009 enabling members to use their mobile phones to check account balances, view account history, transfer funds between accounts, and locate branches and ATMs. During this first phase, OnPoint elected not to market the service and see how members using online banking reacted to a mobile banking tab on the www.onpointcu.com website. After the first week OnPoint was already measuring the number of weekly transactions in the thousands.

Tyfone’s mobile banking platform was designed to increase bank profitability in part to bring banking customers and their financial institutions closer together by making banking possible from any place, any time. This added convenience grows the number of transactions and other activities made by each customer, and makes it easier for financial institutions to keep customers and stem attrition.

“One key finding in our data analysis is that members who adopt mobile banking appear more tied to the credit union,” adds Armstrong. “We see that members who use mobile banking are more entrenched customers and have an increased number of transactions.”

OnPoint intends to evolve its mobile banking service to give its members even more control of their finances in an anywhere, anytime environment. Stay tuned for more mobile service innovations from OnPoint, a key reason the credit union selected Tyfone to provide its mobile banking and payment platform.

OnPoint members can sign up for the credit union’s free mobile banking service by visiting: https://www.onpointcu.com/personal/convenience_services/mobile_banking.html.

Banks and credit unions interested in the Tyfone mobile banking platform can get more information by visiting: http://www.tyfone.com/product-mobile-banking.html.

About Tyfone
Tyfone connects money and mobility via a highly secure, scalable and flexible Mobile Financial Services (MFS) infrastructure that is tailored to meet the evolving needs of mobile network operators, transportation agencies, retailers and financial institutions. With its complete MFS platform and global alliance partners, Tyfone is uniquely qualified to deliver issuer-centric turnkey solutions with fully-integrated contactless payments capabilities. To discover why Tyfone is becoming the partner of choice for MFS technologies to many of the world’s leading organizations, please visit www.tyfone.com.

About OnPoint Community Credit Union
OnPoint Community Credit Union is the largest credit union in Oregon, serving more than 199,000 members and with assets of $2.8 billion. Founded in 1932, OnPoint Community Credit Union’s membership is available to anyone who lives or works in one of 10 Oregon counties (Benton, Clackamas, Columbia, Lane, Linn, Marion, Multnomah, Polk, Washington and Yamhill) and two Washington counties (Skamania and Clark). For more information visit www.onpointcu.com or call 800-527-3932.

First Data, a global leader in electronic commerce and payment processing today announced an agreement with
Tyfone, a provider of mobile contactless payment and secure mobility solutions. The collaboration will provide SideTap™ micro secure digital (MicroSD) memory cards equipped with Tyfone’s patented technologies that will transform most mobile phones with a memory slot into a mobile contactless payment device.

Unlike solutions that are tied to specific merchants or financial institutions, the MicroSD card powered by Tyfone technology lets the card work like an actual mobile “wallet.” The card can contain financial information and secure identification from multiple sources, such as specific retailers or financial institutions in both open loop and closed loop scenarios.

SideTap card’s onboard controller that manages over-the-air (OTA) access in conjunction with the u4ia® (pronounced euphoria) mobility platform is fully expandable, allowing consumers to add new payment and identity options, creating a true mobile wallet that is as flexible as the card provider would like it to be. Through this agreement, First Data will provide merchants and financial institutions with Tyfone’s patented SideTap secure memory card and u4ia mobility platform for OTA life cycle management.

The SideTap card can retain memory card functions, so consumers can continue to utilize the card as they normally would, to store photos, videos, music, documents, or other files. An embedded SmartMX security chip from NXP Semiconductors safeguards all transactions operated on the MicroSD card.

“The move to contactless payments is gaining traction and First Data continues to play a pivotal role in the development of this evolving technology. Consumers have a strong preference for such technology and merchants are using contactless payments to reduce waiting times, increase customer loyalty, and boost sales,” said Dom Morea, First Data division manager of Mobile Commerce Solutions. “First Data chose Tyfone’s SideTap Memory Card because it best serves the needs of consumers who want to use contactless payment options with over the air access, but still want to retain the memory card functionality of their MicroSD card. We are excited to partner with Tyfone and bring this technology to consumers in the second half of 2010.”

Over the next two to three 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.

“With over 60 percent of the mobile phones being sold today with memory slots, memory cards are widely used in the mobile ecosystem, making it an ideal form factor for issuers to add contactless payment. However, consumers are unlikely to swap between memory card for payment and storage uses in their phones. So our SideTap cards integrate storage and contactless payments in the same memory card to enhance consumer’s experience,” said Dr. Siva Narendra, chief technology officer at Tyfone. “Mobile phone users are familiar with memory cards, many of which are bought directly from their mobile network operators. Tyfone in collaboration with First Data and NXP provides a win-win-win for the consumer, issuer, and the mobile network operator.”

“The promise of MicroSD card-powered technology to drive contactless payments is profound, with the ability to very quickly enable mobile transactions for businesses and their customers,” said Henri Ardevol, general manager, Secure Transactions at NXP. “Our partnership with First Data and Tyfone exhibits the kind of innovative technology that will bring significant benefits for consumers as well as the key stakeholders such as banks, transportation companies, mobile network operators and merchants.”

About Tyfone
Tyfone is a neutral infrastructure enabler for cloud computing based mobile services. Tyfone enables the next wave of secure-element-neutral mobile apps that are secure enough to store your driver’s license, health records, passport, debit, pre-paid and credit cards.

Tyfone’s u4ia® platform and its companion SideTap™ card is the world’s first patented memory card-based mobile payments solution with integrated secure element OTA controller and miniature contactless coil for mobile NFC payments. The technology operates in any standard memory card slot and is rapidly gaining market acceptance as a single-strategy approach to mobile contactless payments for any mobile phone. Tyfone and its partners enable a suite of services including Mobile Banking, Mobile Identity Management, Mobile Remote Payments, Mobile Retail Services and Mobile Contactless Payments. To discover why Tyfone is becoming the partner of choice for secure mobile apps to many of the world’s leading organizations, visit www.tyfone.com.

About NXP
NXP Semiconductors provides High Performance Mixed Signal and Standard Product solutions that leverage its leading RF, Analog, Power, Digital Processing and manufacturing expertise. These innovations are used in a wide range of automotive, industrial, consumer, lighting, medical, computing and identification applications. Headquartered in Europe, the company has about 28,000 employees working in more than 25 countries and posted sales of USD 3.8 billion in 2009. News from NXP is located at www.nxp.com.

About First Data
First Data powers the global economy by making it easy, fast and secure for people and businesses to buy goods and services using virtually any form of electronic payment. Whether the choice of payment is a gift card, a credit or debit card or a check, First Data securely processes the transaction and harnesses the power of the data to deliver intelligence and insight for millions of merchant locations and thousands of card issuers in 36 countries. For more information, visit www.firstdata.com.

Tyfone (www.tyfone.com), a provider of secure mobility solutions, today announced that its SideTap™ micro secure digital (MicroSD) memory card versions are completed and will be available via partners to consumers in the second half of 2010. MicroSD memory cards enabled by Tyfone’s patented SideTap contactless payment technology with integrated 13.56MHz coil can be used by hundreds of millions of mobile phones at thousands of existing contactless payment terminals worldwide. These cards will work in phones with MicroSD slot on any side of the phone – top, left, right, bottom or back.

Tyfone’s enabling patent portfolio includes US patent 7,581,678 filed February 22, 2005 for “Electronic Transaction Cards”, issued September 1, 2009, and other patents pending.

The SideTap memory card technology is the world’s first to fully integrate near-field communications (NFC) contactless card payment capabilities with a popular and commonly used mobile phone accessory, a MicroSD memory card. SideTap memory cards enable MIFARE as well as any Global Platform compliant payment applet. The SideTap MicroSD card contains an onboard controller that manages over-the-air (OTA) capabilities allowing consumers to add multiple payment and identification options, creating a true mobile wallet. Because the SideTap MicroSD card also retains all its memory card functions, consumers can also use them to store documents, photos, videos, music or other files.

“Unlike solutions tied to specific retailers or financial institutions, the SideTap memory card works like an actual wallet that contains financial information from multiple sources, either specific retailers or financial institutions in both open loop and closed loop scenarios, said Tom Spitzer, Tyfone’s chief executive officer. “We are very excited to be launching the SideTap MicroSD card. It’s a significant milestone for the company and for the industry.” The SideTap MicroSD card is a fully integrated solution with a built-in contactless coil, without loss of traditional memory card functions.

In addition to the SideTap memory card, a SideTap lite MicroSD card with OTA wallet functions but no storage memory is available for partners. A SideTap ultralite MicroSD card is also available without storage memory or OTA wallet capabilities, for a single-payment provider scenario, much like a contactless plastic card or sticker from a single issuer. SideTap and SideTap lite cards are supported by Tyfone’s u4ia® (pronounced euphoria) mobility platform. The platform transforms the MicroSD memory card into a mobile wallet capable of performing OTA life cycle management and contactless transactions at NFC equipped point-of-sale readers. Tyfone’s u4ia mobility platform, that will be used by Trusted Service Manager (TSM) partners, is necessary for OTA services only and not for payment transaction processing.

Using SideTap memory cards, consumers purchase goods simply by tapping their mobile device at a point of sale reader. The read distance ranges from 1 to 3 cm depending on the reader and transaction speeds are identical to contactless plastic cards.

“If you are like most people, inside your wallet you have a few credit/debit/ID cards, perhaps gift/prepaid cards, money and miscellaneous items like coupons,” said Dr. Siva Narendra, chief technology officer at Tyfone. “With Tyfone’s u4ia platform and our SideTap MicroSD card a consumer can have multiple payment identities with OTA access and won’t be limited to where they can use their mobile phone to make payments and other secure transactions. Not to mention the ability to store contents including coupons, catalogs, and music, some of which can be preloaded by our partners. More important, the Tyfone SideTap MicroSD cards are equipped to work in virtually any mobile phone with a memory card slot. We can now kick start NFC.”

One of the most often cited obstacles for NFC payment models is the lack of availability of NFC-enabled handsets. By contrast, Tyfone’s patented technology enables a more rapid deployment of NFC capabilities by simply inserting the SideTap MicroSD card into commonly available memory card slots, requiring no other changes to consumers’ phones. According to a September 2009 forecast by Strategy Analytics approximately 900+ million phones will be enabled with memory card slots by 2013. Many handset manufacturers already report that memory cards are the most purchased accessory for mobile phones today.

“To address a marketplace that today has hundreds of millions of mobile phones that can use Tyfone’s SideTap MicroSD cards, it was important to ensure the ability to scale,” said Prabhakar Tadepalli, Tyfone’s managing director. “SideTap memory cards can work across all mobile operating systems and all wireless operators. We have also built it to scale quickly and have a team ready to assist our partners in that effort.”

Tyfone’s SideTap SD memory cards have undergone extensive and successful trials with multiple partners over the last 18 months. In the coming months, consumers will be able to purchase SideTap MicroSD memory cards and use them at major retailers. Tyfone will soon announce partnerships that will make the first wave of this important payment technology available for consumers, financial institutions and retailers.

About Tyfone:
Tyfone is a neutral infrastructure enabler for cloud computing based mobile services. Tyfone enables the next wave of secure-element-neutral mobile apps that are secure enough to store your Driver’s License, Health Records, Passport, Debit, Pre-paid and Credit Cards.

Tyfone’s u4ia® platform and its companion SideTap™ card is the world’s first patented memory card-based mobile payments solution with integrated secure element, OTA controller and miniature contactless coil for mobile NFC payments. The technology operates in any standard memory card slot and is rapidly gaining market acceptance as a single-strategy approach to mobile contactless payments for any mobile phone. Tyfone and its partners enable a suite of services including Mobile Banking, Mobile Identity Management, Mobile Remote Payments, Mobile Retail Services and Mobile Contactless Payments. To discover why Tyfone is becoming the partner of choice for secure mobile apps to many of the world’s leading organizations, visit www.tyfone.com.

Some names and brands mentioned may be claimed as the property of others. u4ia, Tyfone, and SideTap are trademarks of Tyfone, Inc.

Tyfone, a global provider of mobile financial services infrastructure and fully-integrated mobile NFC payments/secure transaction capabilities, today announced the company was awarded a second patent for its innovations in smart card-based electronic wallet technology. This newest patent, US 7,581,678 is entitled “Electronic Transaction Card.”

Using time varying magnetic fields, Tyfone’s patented technology enables the use of a memory card as an electronic wallet and/or the ability to use that memory card for the secure transmission of financial information. This groundbreaking technology is used in the company’s u4ia^® (euphoria) Mobile Financial Services platform, which completed successful beta testing in June of this year.

In the growing contactless payment marketplace, Tyfone’s patented technologies and u4ia secure memory card platform enables a Trusted Service Manager (TSM) to bring scale to the ecosystem by enabling existing market deployed handsets to become NFC ready. This leads to significant benefits to consumers and the key stakeholders such as banks, transportation companies, mobile operators and merchants, without change to the current ecosystem and without incurring significant cost to enable it.

Unlike other software only technologies that refer to their application as an electronic wallet, Tyfone’s platform includes a neutral secure element-thereby making it a true electronic container or “wallet.” This solution allows a TSM to securely manage different consumer credit, debit, transportation and pre-paid accounts for use in a wide range of payment and other secure transactions.

A key application for Tyfone’s newly patented technology is using SideTapTM to conduct a contactless payment transaction. Using SideTap consumers purchase goods at point of sale simply by tapping their mobile device at point of sale.

“To Tyfone, this patent is the culmination of tireless work developing a neutral solution not only as a viable implementation of NFC that can be broadly used today, but also as a truly game changing technology,” said Dr. Siva Narendra, chief technology officer at Tyfone. “As was demonstrated when initial testing was completed with the key stakeholders in the NFC value chain, Tyfone’s newly patented technology brings us one step closer to a ubiquitous contactless payment reality. Tyfone’s secure memory card technology is out of the R&D lab, has been tried and tested and is ready for the next stage in evolving the stakeholders’ existing business models into new revenue opportunities.”

“Enabling near field communications without requiring design changes to the handset is the fastest way to proliferate contactless applications”, said Patrick Gauthier, who launched Visa Paywave and is now CEO of SMC Advisors, a management consulting firm focused on emerging payments, mobile and e-commerce businesses. “Tyfone’s technology is critical to jump start NFC by providing a packaging that is familiar to the consumers, delivering a neutral secure element that is appropriate for banks and service providers, and enabling a new class of use cases that can drive revenue for operators.”

About Tyfone:
Tyfone connects money and mobility via a highly secure, scalable and flexible Mobile Financial Services (MFS) infrastructure that is tailored to meet the evolving needs of mobile network operators, transportation agencies, retailers and financial institutions. With its complete MFS platform and global alliance partners, Tyfone is uniquely qualified to deliver issuer-centric turnkey solutions with fully-integrated contactless payments capabilities. To discover why Tyfone is becoming the partner of choice for MFS technologies to many of the world’s leading organizations, please visit www.tyfone.com.

Tyfone, a global provider of mobile financial services infrastructure and fully-integrated mobile payments capabilities, today announced that OnPoint Community Credit Union, Oregon’s largest credit union with more than $2.8 billion in assets, has selected Tyfone’s u4ia^® platform as the infrastructure behind its mobile banking strategy. OnPoint will leverage Tyfone’s professional services to deploy robust mobile banking services initially, with NFC contactless mobile payment capabilities to follow.

Founded in Portland, Oregon in 1932 by 16 school teachers, OnPoint has grown and evolved into a full-service institution serving close to 200,000 members. In support of its mission to provide unsurpassed member access to services, OnPoint has consistently expanded its reach through new branch openings, online banking and bill payment and growth in its ATM network. Earlier this year, OnPoint made a commitment to further increase accessibility through an aggressive mobile banking strategy.

“We set out to find a proven technology partner offering a full suite of mobile banking capabilities, plus we wanted a flexible, modular architecture and experienced professional services to help us implement our strategy,” said Jim Armstrong, OnPoint’s senior vice president of technology. “Tyfone came through with a comprehensive platform that exceeded our requirements, but their integrated NFC contactless mobile payment capabilities were what really sold us. No other vendor on the market offers both capabilities, and Tyfone’s unique secure memory card technology gives us exceptional flexibility to deliver some very exciting new member services down the road.”

According to the research firm Juniper Research, by the year 2011 there will be over $587 billion in financial transactions handled by mobile financial services around the world.

While the current industry paradigm for implementing mobile payments relies on wireless operators and handset manufacturers to integrate Near-Field Communications (NFC) chips into new handset models, Tyfone’s unique technology overcomes this barrier by integrating the Secure Element (SE), an NFC contactless chip and antenna on standard Secure Digital (SD) memory cards. Using a secure memory card as the SE fosters a better operator – bank cooperation, allowing memory card-enabled phones to become instantly capable of highly secure transactions and contactless payments.

Manufacturers are gearing up for widespread adoption of mobile payments. As of 2009, over 60 percent of phones in the US have memory card slots and close to one billion phones worldwide, thereby Tyfone’s solution makes it simple for customers to adopt and provide organizations the opportunity to brand their own cards.

“OnPoint recognizes that offering their members mobile financial solutions is a critical strategy to build on their preeminent position in the marketplace,” said Thomas Spitzer, Tyfone’s chief executive officer. “Being able to offer everything from secure mobile banking to mobile payments will enable us to partner with them for the long term.”

About Tyfone:
Tyfone connects money and mobility via a highly secure, scalable and flexible Mobile Financial Services (MFS) infrastructure that is tailored to meet the evolving needs of mobile network operators, transportation agencies, retailers and financial institutions. With its complete MFS platform and global alliance partners, Tyfone is uniquely qualified to deliver issuer-centric turnkey solutions with fully-integrated contactless payments capabilities. To discover why Tyfone is becoming the partner of choice for MFS technologies to many of the world’s leading organizations, please visit www.tyfone.com.

About OnPoint Community Credit Union:
OnPoint Community Credit Union is the largest credit union in Oregon, serving more than 199,000 members and with assets of $2.8 billion. Founded in 1932, OnPoint Community Credit Union’s membership is available to anyone who lives or works in one of 10 Oregon counties (Benton, Clackamas, Columbia, Lane, Linn, Marion, Multnomah, Polk, Washington and Yamhill) and two Washington counties (Skamania and Clark). For more information visit www.onpointcu.com or call 800-527-3932.