Shift4 joins the new softPOS merchant platform and invests in the company
MagicCube, the startup that created the Software Defined Trust (SDT) category, unveiled i-Accept Cloud, the world’s first open, cloud-based softPOS acceptance platform that simplifies the creation of new merchant payment acceptance and digital commerce solutions. i-Accept Cloud connects the currently siloed parties in the payments’ acceptance chain—including acquiring banks, payments systems providers, and merchants—into a software-based, frictionless cloud model that is not tied to legacy hardware or bound by a specific device maker, its operational system, or payment card network. This allows different players to more easily create and manage their own payment acceptance networks.
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“Just as Visa and Mastercard brought order to the payments side of the business, MagicCube is bringing order to the merchant acceptance side by becoming the connective tissue that allows acquirers and other payment acceptance providers to more easily conduct their business,” said Sam Shawki, CEO of MagicCube. “In an industry plagued by lengthy, costly, and complex hardware-dependent integrations, having the building blocks for a cloud-based, hardware-agnostic, global merchant acceptance platform that makes it easy for all the players involved to participate in and create new payment acceptance and digital commerce solutions is a huge step toward increasing efficiency, reducing costs, and modernizing this segment.”
Acquiring banks and merchants globally spend $70 billion every year in hardware to keep up with payment innovations and accept new form factors, such as contactless and mobile. i-Accept Cloud aims to positively disrupt this market by offering payments acceptance providers a robust, ready to scale, fully digital ecosystem, creating new options for retailers of all sizes. Whether they already have a legacy system in place and want to more easily expand their POS infrastructure to manage the new use cases brought up by contactless technology, such as large screens; or are micro and small merchants who want to expand their business by accepting digital payments for the first time, i-Accept Cloud offers agility and flexibility previously attainable only by larger merchants with big budgets.
Plug-and-Play Integration
i-Accept Cloud provides all the needed backend support to deploy software-based POS solutions that are easily scalable, and continuously updated to comply with current and future industry standards. Customers can free up time from integration to refine UX, UI, business logic, and other priorities unique to their merchants and retailers.
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“MagicCube’s unique platform enabled us to deliver on our promise of being fully digital, and significantly expedited the go-to-market of our Diveep sofPOS offering,” said Juan Guruceta, founder and CEO of Spanish neobank Divilo, which has recently signed an agreement to provide Diveep to over half million merchants in the country. “With i-Accept Cloud, we can more easily build on our current product—with all the tools we need at our fingertips, we can test and deploy new features in days and focus our efforts on what really matters to our customers, their own businesses.”
High Security, Low Complexity
A software-based acceptance platform requires building and securing EMV kernels—the complex code that provides processing logic and data needed to perform a transaction—as well as developing secure PIN and other authentication methods on mobile devices without decreasing user friendliness. i-Accept Cloud converts these work-intensive processes into a simple API model, enabling the development teams of acquiring banks, system integrators, and others to create their own payment acceptance platforms using pre-certified components that are maintained to meet the latest specs and standards.
“MagicCube’s cloud-based platform offers a unique approach to payment acceptance by removing the need for live devices, offering considerably more flexibility and other significant advantages over traditional hardware options,” said Michael Isaacman, Chief Commercial Officer at Shift4. “This is one of the reasons why we not only partnered with MagicCube to integrate our end-to-end payment solution with their offering, but also invested in the company’s latest funding round.”
Leading the Way
MagicCube’s software-based, virtual Trusted Execution Environment (vTEE) is the first and only software solution to be recognized by EMVCo—the global consortium in charge of setting interoperability and payment acceptance standards—to deliver comparable levels of protection as hardware-based approaches. The company’s unique technology has also landed a seat at the PCI Security Standards Council Board of Advisors, the global industry body focused on regulating payment security standards.
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