Interac Association/Acxsys Corporation (Interac), one of Canada's leading payments brands, and Sequent Software Inc. (Sequent), a leading tokenization provider, announced today an agreement that will help reduce or eliminate upfront capital investment required to implement tokenization platforms for digital payments.
Under this agreement, Sequent will provide access to a tokenization Platform as a Service (PaaS) for networks outside of Canada using the white-labeled version of Interac's contact and contactless EMV specification.
"We are making it easier for our international licensees to provision card credentials to a smartphone," said James Good, Head of International Business Development, Interac Association and Acxsys Corporation. "This will be particularly useful for licensees who might otherwise not have been interested in or capable of investing the time, effort and upfront capital to create their own in-house tokenization solution."
"Regional and national networks throughout the world are moving their platforms forward to support tokenization and at the same time looking for the most economical and functional paths possible," said John Kirst, CRO of Sequent. "Interac has been a long-standing leader in contactless and mobile adoption. We believe the combination of our technologies and experience represents a compelling proposition to payment network operators."
In addition to offering consulting services on a global basis, Interac licenses its documentation, specifications and software to domestic networks and other payment solution providers outside of Canada under flexible terms to help them remain agile, competitive and innovative. Licensees can quickly and cost-effectively leverage solutions which can be customized and implemented to deliver products based on those offered by the Interac network in Canada, including contact and contactless EMV, mobile and P2P solutions.
With the added power of the Sequent Platform, its next-generation tokenization technology and open Application Programming Interface (API) and Software Development Kit (SDK) architecture, which are helping to accelerate the adoption of digitized cards in smartphone apps and connected devices, international licensees of Interac's dual interface EMV specification - - branded in Canada as Interac Flash® - will be able to offer a world-class mobile payment solution to their clients and focus on building the best customer experience.
Contributed | what does this mean?