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MBA developers can leverage the Sequent tokenization platform-as-a-service which encompasses SDK and APIs with sandbox environment to install the tokenization feature into their new solutions or integrate it into their existing ones. The developers require no pre-requisite knowledge of features such as tokenization, key management, cryptography, and so on which helps them deliver an optimum end-user experience along with best-in-class security features. These MBAs support all types of mobile transactions including open banking, PSD2, faster payments, mobile payments, Host Card Emulation (HCE), contactless, QR Code, in-app, and eCommerce transactions through Android devices.
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Sequent is the equivalent for Apple Pay in the Android world by delivering similar capabilities to Android users
Since most banks are already set up from a card management standpoint, their app developers can easily leverage the Sequent platform to implement the tokenization feature into their solutions. Instead of sending a customer’s details to a plastic card maker, they can send these details to Sequent who then tokenizes it to create a digital card on the phone. “Sequent is the equivalent for Apple Pay in the Android world by delivering similar capabilities to Android users,” adds Kirst.
Kirst shares a real-world scenario where Sequent helped one of their customers—a national debit card service provider for their country. The client had already issued 30 million debit cards that were co-branded with VISA/ Mastercard. The transactions done locally would be processed within the country, and VISA/Mastercard would process international transactions. They contacted Sequent for help to establish a system where the banks could enable mobile transactions using debit cards through an MBA. The company built the first-of-its-kind co-badged, dual token solution with two separate tokens. This ensured that the end-users would have their cards stored on the phone for use locally and globally while Sequent secures the transactions at the back-end to provide a truly exceptional user experience.
Having established itself in the VISA/Mastercard space, Sequent envisions providing more tokenization specifications in the private-labeled closed-loop markets as well. They are also focusing on secure remote commerce (SRC)—an approach to promote security and interoperability within the card payment experience in a remote payment environment. “By bringing tokenization, fraudsters no longer have access to reusable personal payment-related information,” concludes Kirst.