BankTech

Here Comes a Game Changer: Banks and Apps can Now Offer NFC Payments

On June 10th 2014, the world’s leading provider of digital issuance and open wallet platform-as-a-service – Sequent Software – announced that it had received a United States patent for its technology that turns apps into wallets.  Patent number 8,745,716 recognizes Sequent’s ability to manage security and control usage of credit, debit and other secure credentials stored on mobile devices. They allow managed access to those credentials by mobile apps for transactions in the physical environment.

“Patent protection for this critical innovation places Sequent in a position to take a lead in helping popularize mobile payments,” stated Robb Duffield, Sequent CEO, in a press release. “It is another endorsement of our vision of simplifying mobile payments by allowing consumers to make transactions with the apps they know and trust anywhere in the physical environment with their preferred payment methods,” he added.

  • Sequent’s innovation manages the security of digital card data on the phone.
  • It allows for federated access of these credentials securely by approved mobile apps.
  • It also dynamically manages the permissions of multiple applications utilizing secure payments as well as other credentials.
  • This is for transactions in the physical environment leveraging NFC, HCE, barcode and other technologies.

“Businesses that have devoted considerable resources to develop their mobile applications do not want to start from scratch when it comes to mobile payments,” commented Jordan McKee, Senior Mobile Payments Analyst at Yankee Group, in a press release. “Solutions that enable commerce capability in existing apps are well positioned to help these businesses preserve their investment while providing an opportunity to cash in on the 66 percent of consumers that are interested in transacting via a mobile device,”.

During the same release David Brudnicki, Sequent CTO, commented, “Sequent’s approach gives banks and other card issuers control and flexibility in the deployment of their mobile payment services and ensures their ability to scale their credentials into partner apps in the future,”. “It also gives mobile operators, banks, merchants and other app owners an easy path to enable their apps with payments, transit, and access control cards without the complexity of interfacing with TSMs, hardware security, or secure credentials.”

This newly patented technology is leveraged in Sequent’s Digital issuance and Open Wallet Platform products, and has been commercially deployed at several major customers in multiple countries.

The company is providing its digital issuance technology to Sberbank of Russia for SE and HCE based payments/wallets. Testing of the Secure Element-based wallet is already underway in Moscow, with the bank works with manufacturers Samsung and HTC to embed the SE within the handset, rather than the SIM. Pilots of the HCE and SE hybrid system will begin soon.

About the company: 

Sequent is considered a world-leading provider of digital issuance and open wallet platform-as-a-service that delivers secure mobile payments and value-added services to banks, mobile operators, merchants and access control providers. With Sequent, the company says its customers can extend digitized cards to trusted applications for an open ecosystem of partners and developers while maintaining the strictest requirements of highly secure, regulated industries.  Sequent products include: Open Wallet Platform, Digital Issuance and Trust Authority. Sequent is endorsed and used by major customers on four continents.

Chiraag Patel

Chiraag Patel is a Senior Reporting Analyst and the Editor of Bitcoin and Virtual Currency channels at Lets Talk Payments. He is an engineer with deep interest in MMORPG, Virtual Banking, Game Currency and Virtual Cash. Chiraag enjoys Reading& Blogging with focus on New Innovation, Technology & Startups in the Payments Space.

Apply to Become a Contributor