Sequent, a provider of digital issuance and mobile wallet platform as-a-service, has partnered with Arxan Technologies, a provider of application protection solutions, to deliver secure mobile payments for financial institutions and other organizations using mobile payment solutions.
Both the companies will combine their security technologies in a new product that protects Host Card Emulation (HCE)-based payment service deployments from threats, the companies said in a press release
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The combined solution will deliver real value to organizations seeking advanced security for mobile payments. For financial institutions, the solution will implement bank-level security for card data protection on mobile devices as well as provide quick time to market.
Also, the software-based secure element solution will allow mobile payment providers to address critical security vulnerability in HCE-based mobile payments by protecting customer data stored in smart phone memory.
Furthermore, Sequent will create a scalable model that offers control to banks deploying HCE services under their own brand, as well as provides banks a secure framework to distribute their credentials for safe use by their partner’s apps.
Sequent chief security officer Lance Johnson said: "By combining Arxan’s technology with our PCI and EMV compliant products, we can deliver an industry-leading, software-based security equivalent to a secure element that organizations can use to secure sensitive cardholder data and tokens stored in smart phone memory."
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By GlobalDataArxan VP of product management Vince Arneja said: "We are glad to work with Sequent to empower organizations to deploy HCE-based mobile payments with the highest levels of software security available on mobile platforms today."
