by Jim Bruene, BUX Advisors Read the original article on BUX Advisors Website. Star One Credit Union is in an enviable position. Its Sunnyvale location, smack dab in the heart of Silicon Valley, gives the credit union access to [...]
The Web Crypto v.Next Workshop focused on improving secure authentication in the Open Web Platform. We reviewed the possible integration of hardware tokens as well as other forms of authentication, with the aim of being able to replace the password with more phishing-resistant cryptographic credentials. The workshop attracted more than 70 participants, including representatives from major browser vendors, hardware token vendors, mobile phone operators, payment technologists, government eID experts, and other bodies such as GlobalPlatform, SmartCard Alliance, FIDO Alliance, and SIM Alliance.
W3C’s Web Payments Interest Group is gaining momentum in its pursuit of the integration of payments into the Open Web Platform. As part of building understanding security, and the role of the Web, I am organizing a series of interviews on Web payments. In this first interview with Tom Poole and Drew Jacobs of Capital One, and Siva Narendra of Tyfone, we open with the broad question of what the Web needs to facilitate eCommerce.
Consumers use payment cards with merchants in the real world and in the virtual world. The real world, of course, existed before payment cards were invented, and so had to fit within the expectation of merchants transacting based on physical proof of the consumer’s money, be it paper or plastic. These ‘what you have’ factors of authentication are carried by the consumer in his or her physical wallet.
[vc_row][vc_column width="1/1"][vc_column_text]The benefits of a smart card based authentication that utilizes Public Key Infrastructure and additional mechanisms for authentication and verifying higher risk transactions has been outlined in the 2005 Guidance by the FFIEC.[/vc_column_text][/vc_column][/vc_row]
Mobile commerce converges eCommerce with the more traditional and dominant physical world of commerce. This converged world of mobile seems to have a popular “new kid in town”, called Host Card Emulation (HCE). HCE is being promoted for software-based security applications, which continues to proliferate the basic problem of storing sensitive credentials in the Cloud that has been proven time and time again as inadequate.
We are at the threshold of strategic inflection point when it comes to associating one's assigned identities with one's mobile phone.
The mobile banking technology vendor Tyfone Inc. has come up with a way for consumers to install payments capabilities in their phones.
Banks are eager to turn mobile phones into payments devices using near-field communication chips that can make a handset function like a contactless payment card, but only a handful of phones have the technology today.
The mobile channel presents a great opportunity for banks to differentiate themselves, create a market niche, and build a brand.
This may seem too grandiose a strategy to consider, especially for community or midsize banks. But any bank can reap benefits as an early mover into the mobile channel.
Marcell King is Chief Commercial Officer and Head of Product Strategy at Tyfone. As Chief Commercial Officer, Marcell oversees tyfone’s product strategy and execution, sales, marketing, partnership and account management efforts. Prior to joining Tyfone, he was Chief Innovation Officer at Payveris (acquired by Paymentus in September 2021) where he led product innovation, sales, and marketing.
While he was at Payveris, Marcell developed the banking industry’s first direct to biller credit card and debit card bank bill pay. Marcell has nearly 30 years of leadership in product management, sales, marketing, client services and P&L management in the digital banking and payments space. He has held key leadership roles at Paymentus, Open Solutions, Amazon.com, Incomm (formally Giftango) and Bankserv.
He is well-versed in digital banking, cash management, bill payments, peer to peer and account to account payments, mobile payments, gift cards, ACH origination, wire-transfer, and check/item processing technologies.
Nizar is responsible for technology direction and roadmap of Tyfone and contributes to strategic planning, sales, engineering process and operational execution of the company. Nizar is a technologist and entrepreneur with 30+ years of diverse experience in the Software, Security, Telecommunications, Marketing, Publishing, Legal and Financial services industries in US, India and Europe.
Previously, Nizar was a CTO at Maxval Group, a product and services organization providing intellectual property management solutions using Salesforce. Nizar was a Managing Director at UBS, responsible for implementing shared mobile and social platforms across UBS. Prior to UBS, he co-founded Impelsys where he conceptualized a cloud-based software as a services platform and transformed the company from a service organization to a software as a service, products and services organization. Nizar has held progressively responsible positions in technology startups prior to Impelsys.
Nizar received an MS in Computer Science from the University of Wisconsin and a BE in Electrical and Electronics Engineering from Annamalai University in India.
Dr. Siva Narendra is CEO of Tyfone, Inc., a digital banking and digital payments technology company in Portland, Oregon, he co-founded in 2004. Dr. Narendra has served as CEO since 2011.
Dr. Narendra is an inventor in 100s of patents. Inventions he patented have led to the launch of Tozny, a digital security company and iCashe, a digital payment fintech. Dr. Narendra was nominated to the National Medal of Technology and Innovation with recommendations from Oregon’s Attorney General and General (Retd.) David Petraeus. Prior to becoming an entrepreneur, Dr. Narendra was a Senior Staff Scientist at Intel’s Corporate Technology Group. Dr. Narendra is a published author and has more than 60 peer-reviewed papers. In addition to serving on the boards of tyfone and iCashe he co-founded, Dr. Narendra was a board member at OnPoint Community Credit Union from 2017 to 2020. He serves on the board of the Federal Home Loan Bank of Des Moines.
Dr. Narendra holds a Ph.D. in Electrical Engineering and Computer Science from the Massachusetts Institute of Technology (MIT) in Cambridge, Massachusetts.
Prabhakar Tadepalli is a proven leader with over 30 years of experience in building teams and organizations in the technology sector. A recognized industry leader with demonstrated abilities in turning research ideas into viable, scalable products. A dynamic leader known for building strong organizational cultures with innovative, inclusive and successful teams. A dynamic public speaker with a strong ability to convince markets to embrace new ideas.
He is the is co-founder, President and COO of Tyfone, Inc. Tyfone develops an Omnichannel digital banking solution that empowers credit unions and community banks with a single-codebase multi-tenanted platform that is scalable, customizable, quick to deploy, and vendor agnostic. He is responsible for all operational elements at Tyfone and for developing strategic plans of the company.
Previously, he was Founder, CEO of Finatus, Inc, a venture-backed, web-application outsourcing company and was responsible for all the strategic and business management aspects of the company. Prior to founding the company, he was responsible for Strategic Planning at Intel Online Services, and also was part of the Intel’s Reseller Products Division, SMB Business Development team.
Prabhakar received his MBA from the University of Chicago, an MS in Engineering from the University of Texas at Dallas and a BE from Bharathiyar University in India. Prabhakar is located in Bangalore, India.
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