POS SOLUTIONS

MagicCube Launches i-Accept Cloud, The First Open Cloud-Based Payment Acceptance Platform

MagicCube | January 28, 2022

Recreationa Webinar
MagicCube™, the startup that created the Software Defined Trust (SDT) category, today 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.

"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, 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."

- Sam Shawki, CEO of MagicCube

MagicCube launches i-Accept Cloud, first open cloud-based payment acceptance platform. Shift4 invests in the company.

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.

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,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."

- Michael Isaacman, Chief Commercial Officer at Shift4.

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.

A Global Ecosystem Out of The Gate
i-Accept Cloud is fully deployed, approved by the four main card networks, and available through a growing global network of processors, acquirers, and device makers:
  • Shift4
  • Network International
  • Divilo
  • 7Pay
  • KLAP
  • MobiIoT
  • ZMBIZI

About MagicCube
MagicCube leads the Software Defined Trust (SDT) category with its software-based, virtual Trusted Execution Environment (vTEE) platform. The technology enables secure, large-scale deployment and management of Internet of Things (IoT) and mobile solutions to consumers. MagicCube was awarded the first recognition of a software-based Trusted Execution Environment issued by EMVCo, the global consortium which facilitates worldwide interoperability and acceptance of secure payment transactions. MagicCube has been named by Network World's one of the "10 Hot IoT Startups to Watch", listed as a Cool Vendor in Security and Risk Management by Gartner, and is the only startup to sit on the board of the PCI Security Standards Council. Investors in MagicCube include Mosaik Partners, Shift4, Bold Capital, Epic Ventures, ID Tech, Sony Innovation Fund, and Visa, among others.

Spotlight

The Coresight Research team attended and participated in Shoptalk 2019 in Las Vegas in early March. Shoptalk is one of the world’s largest conferences devoted to retail and e-commerce innovation. The conference brings attendees from across retail to discuss the rapid evolution of how consumers discover, shop and buy from new technologies and business models to the latest trends in consumer behaviors, preferences and expectations. Coresight Research partnered with Shoptalk to host the conference’s annual startup pitch competition for the fourth consecutive year.


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RESTAURANT POS

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Givex | July 14, 2022

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POS SOLUTIONS

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Finastra | July 01, 2022

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POS SOLUTIONS

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CLOUD BASED POS

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Spotlight

The Coresight Research team attended and participated in Shoptalk 2019 in Las Vegas in early March. Shoptalk is one of the world’s largest conferences devoted to retail and e-commerce innovation. The conference brings attendees from across retail to discuss the rapid evolution of how consumers discover, shop and buy from new technologies and business models to the latest trends in consumer behaviors, preferences and expectations. Coresight Research partnered with Shoptalk to host the conference’s annual startup pitch competition for the fourth consecutive year.

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