Phos, the fintech behind the software-only Point of Sale system (SoftPoS), has become the first solution provider to meet a new Visa requirement with its Software Development Kit (SDK).
An SDK brings together a set of tools that enable developers to build and programme mobile applications for specific platforms. The news is a major coup for the UK-based fintech as it becomes the first provider globally to meet the Visa Ready Tap to Phone Solution Requirements, version 1.8.
The approved phos SDK means that the fintech’s partners and customers no longer need to submit their own solution to a PCI certified lab for review.
The Visa approval provides a multitude of cost and time-saving benefits across all industry segments, such as independent software vendors (ISVs), electronic point of sale (ePOS) vendors and acquirers who want to create a payment solution for their application.
The process to test every new integration or SDK in a PCI-approved security lab can take several weeks, or longer, before companies can go to market. In addition, partners reduce the high fees associated with testing new integrations in the labs.
This is phos’ second version of its SDK, and the latest solution means partners don’t lose valuable time and money in their go-to-market strategy. The approval of its new SDK marks a new milestone for the fintech.
Brad Hyett, CEO of phos, said: “We are proud to have become the first solution provider to meet Visa’s requirements with our new SDK. This is a noteworthy achievement, and it allows us to deliver great products to our customers and partners. At phos, we’re constantly identifying ways to innovate and challenge ourselves and being recognised and approved by Visa for our efforts is rewarding and reassuring of the great work we do.
“We have been working relentlessly on ensuring our technology is in line with the new expectations set out by Visa, along with other card schemes. I’m pleased with the way our team has achieved this and we can’t wait to see several of our partners benefit from this soon.”
Phos is a provider of SoftPoS and its new SDK will enable businesses to create their own SoftPoS app. The technology allows merchants to accept card payments directly on any NFC-enabled Android phone or mobile device, without the need for any additional hardware.
The London-headquartered business also secured €2million (approximately £1.7million) in equity funding in August of last year. The new capital along with the approved SDK will enable the fintech to continue to expand its operations into new markets.