KUALA LUMPUR, MALAYSIA – Media OutReach Newswire – February 27, 2024 – Soft Space Sdn. Bhd. (“Soft Space”), the world’s leading provider of financial technology as a service (FaaS), today announced that its innovative SoftPOS solution, FasstapTMis the first in the world to receive certification as a commercial off-the-shelf (MPoC) mobile payment solutions provider from the Payment Card Industry Security Standards Council (PCI SSC).
Fasstap in action
As a result, Fass Payment Solution Sdn Bhd (“Fasspay”), a wholly owned subsidiary of Soft Space, is the first acquirer in the world to deploy an MPoC certified live SoftPOS solution. FastTM was the first SoftPOS solution on the market to support secure PIN authentication and was
certified by Payments Network Malaysia Sdn. Bhd (PayNet) since October 2018 and next
with Visa in July 2019.
The MPoC certification, issued by the de facto authoritative payments standards body, is the most comprehensive PCI SSC certification to date for the SoftPOS solution, a certification that will enable Soft Space to launch an end-to-end SoftPOS solution live in any market in the world. This full certification differs from partial certification of components such as software/MPoC attestation and monitoring. Solution providers that only have partial certifications will still need end-to-end certification to launch a complete, live solution. The comprehensive certification covers all areas of MPoC, from frontend to backend.
“Although some solution providers have announced partial MPoC certification, they still cannot launch a complete MPoC certified solution. Rather than taking a piecemeal approach, Soft Space chose to focus on achieving comprehensive MPoC solution certification. Being the first in the world to achieve end-to-end MPoC solution certification is truly a game changer for Soft Space and is the ultimate validation that FasstapTM is the market leader in SoftPOS,” said Joel Tay, Chairman and CEO of Soft Space.
“I’m proud that Soft Space is the first in the world to do this and it accelerates our ability to bring FasstapTM on the market before our competitors. This also positions us as the essential partner for banks, acquirers, neobanks and other solution providers looking for a reliable and secure MPoC certified SoftPOS solution.
MPoC is currently the most comprehensive and flexible standard, and outperforms previous standards such as Software PIN Entry in Commerce (SPoC) and Contactless Payments in Commerce (CPoC), as well as various contactless standards . individual card systems developed by VISA and Mastercard.
The MPoC certification complements the company’s previous achievements, including being the first to receive PCI SPoC certification in August 2019. Soft Space currently has the largest SoftPOS deployment in the world, has patents in various countries, and owns the largest number of SoftPOS use cases (including innovative applications in transit and logistics).
The MPoC factor
The arrival of the MPoC standard is expected to change the contactless payment scene as the de facto standard in the future. With this development, only payment solution providers officially certified by PCI on its official website are MPoC certified authorized solution providers. The impact of this cannot be underestimated, as many payment solution providers in the market may claim to be certified solution providers when they are only partially certified.
Faced with this scenario, Soft Space has distinguished itself as the first SoftPOS provider in the world to obtain end-to-end certification. This is crucial as banks and acquirers will increasingly review the credentials of the solution providers they choose to work with by checking whether they are certified on the PCI SSC website. Soft Space’s premier certification serves as a powerful differentiator, giving the company a strategic advantage over its competitors.
“Obtaining MPoC Solution certification is a complex, time-consuming process and is not an easy task. Soft Space’s success underlines our unwavering commitment to meeting the highest standards in the payments industry. Through this, we can help any customer or partner to quickly and efficiently promote and deliver seamless, cost-effective digital payment acceptance for merchants, banks and acquirers around the world with greater confidence, as well as further penetrate new market segments globally,” Tay said.
https://www.softspace.com.my/
https://www.linkedin.com/company/soft-space/
Hashtag: #softpos #fintech #MPoC #payments #contactless
The issuer is solely responsible for the content of this announcement.
