Following this announcement, the new venture leverages Tyfone’s expertise in digital banking user experience (UX) and intellectual property (IP) developed through the deployment of the Instant Payment Xchange (IPX), a safe, scalable, and affordable money movement gateway to the FedNow Service.
The Instant Payment Xchange (IPX) has converted nearly 30% of Same-Day ACH Credit transactions to Send transactions on push instant payment systems, which offers a digital experience that routes existing payment solutions through networks like FedNow. This process is expected to optimise operational efficiency and fraud prevention as well. In addition, with the launch of Payfinia, Tyfone aims to further improve instant payments by optimising the digital user experience across the overall landscape.
Payfinia was developed in order to offer optimised solutions grounded in digital trust and security, which will enable organisations and businesses across industries to access real-time payments with efficiency and reliability. By shifting its IP and technology, including advanced UX and security protocols, from Tyfone to Payfine, the firm aims to improve instant payments for its customers and partners.
At the same time, the launch of Payfinia will enable the company to double down on security with cryptographic, deterministic methods that are aimed at countering AI-driven fraud risks, while also ensuring instant payments remain efficient, accessible, and secure. Tyfone will also continue to focus on meeting the needs, preferences, and demands of clients and users in an ever-evolving market, while prioritising the process of remaining compliant with the regulatory requirements and laws of the industry as well.
Alongside partnering with financial institutions, Payfinia will also collaborate with banks, credit union core processors, and third-party digital providers in order to integrate instant payments into their traditional payment and money movement use cases. These include A2A, P2P, Bill Payment, B2B, and B2C disbursements, while also extending the technology provider’s capabilities and providing users with a more robust payments ecosystem.
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