Sequent Selected as Top Ten Mobile Banking Technology Solution Provider for 2019

eWallets: A New Way to Manage Digital Data on the Move

Sequent is thrilled to be named among the Top 10 Mobile Banking Technology Solutions Providers — 2019 by Banking CIO Outlook. We are excited because mobile banking technology is the core of our business. We are all about providing CIOs and their companies with new, patented solutions that are necessary to conduct secure mobile banking on any device.

IDC predicts that 40% of all technology spending in 2019 will go to enterprise digital transformation accounting for over $12 trillion. As consumers depend more and more on mobile devices, IoT and wearables to conduct business and purchase products and services, sensitive data is increasingly vulnerable. Sequent’s vision has always been to secure digital data, done in a way that is invisible to the consumer.  Whether your customers are making payments from their “eWallets” using their smartwatch, accessing health records with their mobile phone, or using IoT devices, Sequent makes it all happen securely in a customer-friendly and cost-effective way.

 

The Growth in Consumers’ eWallets

Our overflowing wallets, chock-full of cards, will become relics of the past as physical cards make way for mobile. Bank credit cards, debit cards, commercial business credit cards, health ID cards, transit cards and more are everpresent within digital wallets or eWallets. Consumers are already familiar with ATM and mobile banking apps, and now they demand eWallets for everyday transactions. eWallets offer frictionless mobile transactions, build brand awareness and drive business growth for banks and commercial entities, as well as healthcare institutions and government entities. And new FinTech regulations such as PSD2 bring compliance to open APIs providing integration between banks, third party businesses, and developers.

eWallets can be funded so users can shop online for products and services, and with new security technologies like tokenization, consumers can operate digitally, trusting that their mobile transactions are secure. eWallets provide an easy-to-use touchless consumer experience that is personalized, efficient, improve customer satisfaction, and save consumers fees and other costs found in traditional banking.

 

More Data More Danger

Unlike card payments, eWallet payments are processed differently as the customer must be authenticated to gain access. The account may include currency conversions, top-ups, and access to other payment service providers. Customer data within eWallets is secured by encryption using tokenization. Usernames, passwords, email, and mobile phone verification are commonly used to create an eWallet account. Even photo IDs and addresses are stored for reference within eWallets. Because eWallets are filled with valuable content they are also vulnerable to fraud in ways different from credit or debit cards.

 

Sequent Protects eWallets

To secure mobile data in eWallets, the Sequent Platform performs and orchestrates the tokenization and digital issuance of eWallet contents, including any type of card, account or ID credential to any type of connected device.

 

Banking CIO Outlook’s Review on Sequent

We are honored to be among the “Top 10 Mobile Banking Technology Solutions Providers — 2019” by Banking CIO Outlook. Read the interview with John Kirst, CRO at Sequent in this issue.

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