Friday, May 31, 2019
Santa Clara, Calif.-based MagicCube disclosed May 29, 2019, that EMVCo certified its Software Trusted Execution Environment platform. Upon receiving the certificate, MagicCube executives thanked EMVCo for recognizing its software-based mobile payments (SBMP) solution.
Nancy Zayed, MagicCube co-founder and chief technology officer, said "We are proud to lead a category that will shift the security of mobile and IoT devices into a whole new paradigm we like to call Software Defined Trust."
Zayed stated that EMV security protocol had previously focused on hardware solutions that were based on SIM card technology; increased deployments of software-based mobile payment solutions led EMVCo to expand its purview. The global technology body, jointly owned by American Express, Discover, JCB, Mastercard, UnionPay and Visa, extended its scope to include SBMP components or solutions that enable payment transactions on mobile devices.
Noting that software-based applications operate in potentially vulnerable consumer device environments, EMVCo based the new SBMP certification standard on existing processes and industry best-practices, developing a dedicated, common approach to evaluating both individual components and holistic solutions that are software-based. To meet SBMP requirements, qualifying components and solutions must incorporate both device and software components to create layered security protection against potential threats, EMVCo representatives stated.
EMVCo advised SBMP certification applicants to contact the SBMP Security Evaluation Secretariat to register as an EMVCo vendor. Product providers can then complete and submit the SBMP registration questionnaire and begin the evaluation process. Applicants must contact a recognized EMVCo SBMP security evaluation laboratory to perform the security evaluation and submit the report to EMVCo. If the report review is successful, EMVCo will issue a unique SBMP Evaluation Certificate Number to the product provider.
Sam Shawki, co-founder and CEO of MagicCube, pointed out that MagicCube uses a virtual trusted execution environment platform that enables large-scale deployment and management of IoT and mobile solutions. MagicCube's PIN-on-Glass solution allows secure input of sensitive data on a touchscreen, a capability that had previously been limited to dedicated hardware devices with physical keypads.
Customers can use MagicCube's certified SBMP solution to enter a PIN directly onto a merchant's consumer-grade smartphone or tablet without having to use specialized POS hardware to accomplish this task, Shawki stated, adding that PIN-on-glass can unlock new card-based sales for merchants, banks and payment networks while liberating small businesses around the globe. "As always, when software replaces hardware, everything becomes downloadable and upgradable, which allows the market to grow exponentially," he said. "This is akin to upgrading from DVDs to Netflix."
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