Vector ITC Group has formed a strategic alliance with Sequent Software to integrate and deploy its technology solutions in financial institutions for both the Spanish and Latin American markets.

Under the deal, Sequent platform will add key tokenization, on-device security, NFC and HCE capabilities to the Vector ITC Group’s Air Wallet financial product.

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Commenting on partnership, Vector ITC Group innovation director Rafael Conde said: "Digital Banking is a key strategic area for Vector where we already have a series of products that make us leaders in innovation for financial services.

"This partnership with Sequent allows us to add key secure mobile payment functionality to our products and to market and integrate these innovations to financial institutions in the Spanish and Latin American markets."

Sequent said that its platform uses multiple overlapping security layers to secure mobile payments and ensures that financial institutions can deploy innovative mobile payment services without compromising their existing security protocols.

"The integration of technologies from both companies will provide a single mobile payment service offering that will improve time-to-market, security and minimize implementation disruptions for financial institutions," Sequent said in a statement.

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Sequent GM for EMEA Neil MacDonald said: "Banks across the globe are facing the challenges of securely migrating products and services to mobile and integrating these innovations to existing legacy systems without compromising performance or security.

"Our partnership with an experienced and trusted integrator such as the Vector ITC Group is extremely important to guide financial institutions through the security pitfalls of this transition," MacDonald added.