Sequent Software, a provider of digital issuance and open wallet platform-as-a-service, announced Tuesday it is introducing cloud-based digital issuance to its portfolio of products, according to a press release.

The company's PCI- and EMV- compliant Digital Issuance solution, recently approved by Visa, will support cloud-based issuance, tokenization and Host Card Emulation functionality. By adding cloud functionality, Sequent becomes the only company to provide a complete digital issuance solution to the cloud or secure element with a platform to extend digitalized cards into applications, Sequent said in the announcement.

Sequent said its platform and APIs give banks new options to create user experiences in partnership with application developers. It lets banks extend the reach of their digital card products beyond their own apps, providing authorized app developers and merchant applications use of bank digital cards for physical world payments, the company said.

"The Sequent solution gives banks control over their digital issuance strategy and unlock the value of their brands through their own mobile banking app or partner apps," Robb Duffield, CEO of Sequent, said in the press release. "We give banks flexibility of deployment by leveraging cloud and secure element technology to work with all partners for secure mobile payments using NFC, QR code and other technologies."

Sequent said this approach simplifies and extends application interaction with digital cards through use of the company's patent-pending on-device middleware, enabling issuing of digital cards and tokens from the cloud while managing security and user experience on the device.

The product supports recently released Visa, MasterCard and EMVCo specifications and uses tokenization of card data to ensure interoperability and reduce fraud risk.