Digital payments have accelerated at their fastest pace in the last 12 months, clocking nearly three years of traditional growth in the previous 9 months.
Frictionless payment is the new mantra, and customers expect a seamless, ubiquitous experience from their payment providers. Newer, digital-first banks are providing device-bound payment options that align with customer expectations. Traditional banks and financial institutions need to reimagine their payment offerings to sustain and drive top-line growth while keeping their customer base happy and focusing on acquiring newer ones profitably.
Virtusa, in partnership with Sequent, offers an accelerated approach to digitizing payments. With the Sequent Payments platform, banks can rapidly move to digital payments, replacing the conventional card system with payments through smart devices, allowing a smooth, fast, and secure payment experience. The package comes bundled with device-bound tokens, tokenization messages, and a credential management platform that ensures the highest data security. The platform is compatible with multiple cloud service providers and offers bank-brandable mobile payment apps. It covers the full token life cycle management (LCM) for MasterCard Digital Enablement Service (MDES), Visa Token Service (VTS), and Secure Token Service (STS), enables multi-tenancy scenarios, and ensures risk and fraud detection through device fingerprinting.