Visa Issues MagicCube a Security Compliance Allowance to Provide Faster and More Scalable Solutions to Deploy SoftPOS + PIN

MagicCube First to Achieve Allowance to Encapsulate a modular SoftPOS + PIN component Into Existing Systems while minimizing certification requirements

News provided by

MagicCube

Dec 02, 2020, 09:00 ET

SANTA CLARA, Calif., Dec. 2, 2020 /PRNewswire/ -- MagicCube, the leader in the new category of Software Defined Trust (SDT), today announced that Visa^® has issued a security compliance allowance for i-Accept™, a complete software-based replacement for traditional payment acceptance terminals. This compliance confirms that MagicCube has successfully completed the security evaluation by Brightsight, the largest independent security testing lab in the world, based on requirements set out in the Visa Ready Tap to Phone mPOS Solution Requirements with optional PIN capture guidelines.

"We've been hard at work developing our first-in-class product and are elated to receive this certification from Visa," said Sam Shawki, CEO and co-founder of MagicCube. "This certification is the first step in shifting the security of mobile and IoT devices to the new category of Software Defined Trust."

With this certification, MagicCube's i-Accept is the first Visa-approved modularized solution that can utilize the existing acquirer bank's mobile app to add the full Tap & PIN to an existing mobile infrastructure, to deploy secure contactless payment solutions, including SoftPOS + PIN, into existing systems while minimizing certification processes. Visa made an investment in MagicCube that was announced in August.

"The ease of integration and minimal amount of certification time when integrating with MagicCube's i-Accept is unlike any product or solution out there in the market," said Maher Mikati CEO of Areeba, the leading acquirer in Lebanon with expansion plans into Egypt, Iraq and the rest of the MENA region. "Areeba plans on expanding its partnership with MagicCube to all the countries it has a presence in."

i-Accept provide end-to-end functionality, security, and modern acceptance capabilities previously limited to hardware-based terminals, offering near plug-and-play, fully contained modules that can fit into the current flows of most modern acquiring bank or merchant acceptance solutions. Powerful features, like over-the-air upgrades, remote provisioning, risk management and mitigation, remote attestation and compliance enables i-Accept ™to be easily integrated using simple APIs, deployed rapidly and operated easily.

About MagicCube
MagicCube is leading the Software Defined Trust (SDT) category with its software TEE-based platform. The technology enables large-scale deployment and management of IoT and mobile-secure solutions to consumers. MagicCube was awarded the first recognition of a software-based Trusted Execution Environment (sTEE) issued by EMVCo, the global consortium which facilitates worldwide interoperability and acceptance of secure payment transactions, for its SDT platform.

MagicCube has been named to Network World's '10 Hot IoT Startups to Watch' list, listed as a Cool Vendor in Security and Risk Management by Gartner, and partners with the PCI Security Standards Council. Investors in MagicCube include Bold Capital, Epic Ventures, Sony Innovation Fund, Visa, NTT Data, Azure Capital, CVentures and Luqman Weise Capital. For more information, visit www.magiccube.co or follow us on Twitter @Magic3inc.

** EMV is a registered trademark in the U.S. and other countries and an unregistered trademark elsewhere. The EMV trademark is owned by EMVCo, LLC.

** All product and company names are trademarks™ or registered^® trademarks of their respective holders. Use of them does not imply any affiliation with or endorsement by them.

SOURCE MagicCube