UL Security Evaluation Leads to Soft Space Achieving World First PCI SSC SPoC Approval
Singapore, 27 August 2019 - Pioneering Malaysia-based fintech receives world's first Payment Card Industry Security Standards Council approval for a Software-based PIN on COTS solution.
UL, a leading global safety science organization, announced today that its Identity Management and Security testing and evaluation analysis has resulted in Soft Space receiving the world’s first Payment Card Industry (PCI) Security Standards Council approval for a software-based PIN entry on a commercial off-the-shelf (SPoC) solution.
The PCI approved SPoC solution, FLite, is wholly developed by a team of Malaysian software engineers from Soft Space and subsequently evaluated by UL, to determine FLite’s compliance to PCI’s SPoC standards.
FLite comprises a lightweight NFC (near-field communication) -based EMV chip card reader, which is paired with a smartphone via secure Bluetooth connection to accept card payments. When completing PIN-based card transactions, the customer’s PIN authorization is performed on the smartphone, where the PIN information is separated from the card information captured by the card reader, ensuring a high level of security.
This entire end-to-end process adheres to PCI’s SPoC standard, which calls for a software-based approach to protect a customer’s PIN entry on smartphones.
“At UL, we understand that the payments industry is undergoing a period of rapid change from bespoke, closed systems to more commoditized, open systems. This is why we considered it important to become the first accredited SPoC laboratory, and why we are so proud that we can use our expertise and experience in these new and emerging areas of payment to help our customers like Soft Space to achieve their goals,” said Isabelle Noblanc, vice president and managing director, Identity Management and Security, UL.
“Soft Space believes FLite could potentially revolutionize card payments acceptance with its unique way of processing PIN entry. This is why approval from PCI is crucial to us as it not only validates our capabilities as a leading payment player but assures regulators and merchants that FLite a secure way to go cashless, thereby promoting financial inclusion,” said Joel Tay, the CEO of Soft Space.