Interac Association/Acxsys Corporation (Interac) and Sequent Software have reached an agreement to help reduce or eliminate upfront capital investment required to implement tokenisation platforms for digital payments.

As per the agreement, Sequent will offer access to a tokenisation Platform as a Service (PaaS) for networks outside of Canada using the white-labelled version of Interac’s contact and contactless EMV specification.

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With the addition of the Sequent Platform, Interac’s next-generation tokenisation technology and open Application Programming Interface (API) and Software Development Kit (SDK) architecture will be able to provide a better mobile payment solution to their clients.

Commenting on the agreement, Interac’s head of international business development James Good said: “We are making it easier for our international licensees to provision card credentials to a smartphone.

“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.”

Sequent CRO John Kirst said: “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.

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“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.”