The wait is over. After a year of deliberation, and sorting through myriad ways to take its 875,000 members mobile, San Antonio-based Security Service Federal Credit Union has announced its selection of Portland, Ore.-based Tyfone as its mobile banking provider.
A top 10 credit union – with more than $6 billion in assets – SSFCU had not provided its members with mobile banking but knew this was high on the list of what members wanted in additional services.
"We are a conservative organization. We don't shoot from the hip," said SSFCU senior vice president John Worthington in offering a context for the Tyfone announcement.
He acknowledged that SSFCU had been targeted by just about every mobile banking provider and that the credit union had reviewed many alternatives but, he said, the decision was made to go with Tyfone because of its capability to serve SSFCU members "now and into the future," said Worthington in a Credit Union Times interview.
He said that in Phase 1 – by the end of the year – SSFCU will roll out apps for iPhones and Androids and also a mobile Web banking product. Bill pay will be part of that package.
In subsequent phases, SSFCU members will get an iPad app, probably mobile remote deposit capture, and – particularly appealing to SSFCU, said Worthington – a mobile wallet product that will include Near Field Communication (NFC) capabilities. "We believe this will be very beneficial to us," said Worthington.
Tyfone has scored prior success selling its iCashe Mobile Wallet to credit unions such as the $3.2 billion OnPoint Community CU in Portland.
Worthington added, "We look at these decisions strategically, not just tactically. We looked for a long-term relationship with a provider and that is why we chose Tyfone."
Tyfone, in a prepared statement, noted that its mobile banking service offers standard features such as checking balance, account history review, fund transfers, branch and ATM location lookup, customizable alerts, and bill pay. Tyfone's next generation mobile banking also offers the ability to enroll in mobile banking via a mobile device (with no online banking account necessary), send and receive digital gift cards for a broad network of retailers, as well as other mobile wallet capabilities.
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