Tyfone, a secure mobile ID and transactions solutions provider, today announced that it has integrated Acculynk's real time person-to-person (P2P) money movement service, Payzur, into the Tyfone-based mobile banking iPhone and Android applications adopted by Boulder Valley Credit Union (BVCU).
With Payzur, BVCU members can log into the app, enter their PIN and send a real-time P2P payment to any email address or mobile phone number.
With users becoming accustomed to electronic financial services and the acceptance of mobile banking apps, looking up and paying bills on mobile devices will continue growing in popularity. Yet, as technology cybercrime risks impact the financial industry, and society as a whole, the implementation of the most highly recognized security products and technologies for banks and credit unions should simplify the way financial institutions serve customers while benefiting those customers with increasingly convenient features that are secure.
BVCU has successfully been using Tyfone's mobile financial solutions since early this year and with the addition of Acculynk's real-time P2P solution BCVU members can now send payments from their mobile devices to friends, family and others with recipients having immediate access to funds versus days.
"As mobile banking continues to evolve and see more adoption, financial institutions are finding ways to make the mobile banking experience more convenient than ever," said Jason Bauer, vice president of communications/e-commerce at BVCU. "Moreover, mobile banking levels the playing field enabling small financial institutions to compete head to head with organizations of any size, a key reason for incorporating Tyfone's next-generation banking technology to expand mobile banking options for our members. Giving members the flexibility to send money to anyone securely is a natural next step in maximizing world-class mobile banking services."
Acculynk's Payzur is a 100 percent white-labeled P2P solution that allows a customer to send funds simply by authenticating the mobile- or Web-initiated transaction with his bank issued PIN via the PaySecure® patented online graphical PIN pad. Since Payzur is not ACH based, there is no enrollment or waiting period for consumers to begin using the service. Payzur is fully brand able by the financial institution, and Acculynk anticipates that financial institutions will choose to private label the service.
"Acculynk's debit-based Payzur P2P service provides financial institutions with an inherently 'sticky' product that reinforces the financial institution's brand, encourages PIN Debit card use and provides real time money movement, which is a 'must have' for today's consumers," said Sandra Chesnutt, general manager Payzur, Acculynk. "Working with Tyfone on the inaugural in-app mobile deployment is a major milestone for Payzur. Tyfone's team is very thorough and we look forward to many more deployments with Tyfone in the future."