You beat me to it again, Friend. Tyfone is ours. They work with Fiserv.
RTN Federal Credit Union (RTN FCU), serving communities in suburban Boston, Massachusetts, will provide its members a comprehensive suite of mobile wallet services and mobile financial services powered by Tyfone’s next generation mobile banking solution. Tyfone’s mobile banking services will be integrated directly into RTN’s Fiserv hosted XP2 core.
1. It means that the technology is hot because others are coming up like weeds.
2. Obviously others will have to pay some type of royalties to MITK as some of you have mentioned, MITK income.
3. As I mentioned a while back, banks aren't going to jump ship. They can't easily. This is not a "switch your cell phone with us" technology. A lot is going behind it considering the amount of risks that the banks are will be taking on this technology. We all know that they are one of the slowest industries when it comes to change. We've been banking the same way, with a few minor exceptions, for years now. Banks = Cautious (except for the loan fiasco that brought our great Nation to it's knees).
4. Keeping banks in mind, MITK is touting they will land the top 40 out of 40 financial institutions by year end. Who else is making that type of claim? Not even MC or Visa has that lock.
5. Competition will keep MITK on their toes as it should. There could be some buy outs in the industry as well.
6. The last CC mentioned that there were new technologies on the horizon for MITK besides what it does now. Exciting times for us longs.
There is too much riding here for some company like Tyfone or anyone else to come and swoop the banks away. Can you imagine the sales "pitch" that Tyfone or any other company would need to change over B of A?
Competition will fuel the fire for MITK and take it higher, especially if they stay #1 in their industry. And remember, MITK owns a few patents. I'm sure there will be a few law suits in the future. Some people just don't care about patent protection.