18th May, 2022 – phos, the fintech behind the leading Software-only Point of Sale (POS) system, has achieved CPoC accreditation from the Payment Card Industry Security Standards Council (PCI SSC). This makes phos one of the few solution providers globally to attain the security standard.
The CPoC accreditation ensures that all merchants using phos’ software POS system will have their payment account data protected. This is done through proactive monitoring and integrity checks to ensure the security of the phos solution is never compromised.
PCI’s CPoC standard provides an added layer of security and testing requirements for products that support contactless payments on a commercial off-the-shelf (COTS) device, like a smartphone or tablet.
Committed to delivering the highest standards of security, phos now plans to adopt the new MPoC security standard which is anticipated to be launched later this year.
Brad Hyett, CEO of phos, said: “We’re proud to have secured PCI’s CPoC accreditation as it allows us to continue delivering great products to our customers while providing the best possible payments security. At phos, we’re constantly identifying ways to innovate and challenge ourselves to develop better products and services for our customers. Merchants are increasingly demanding more efficient and convenient ways to accept payments, so it’s imperative that our software POS solution not only delivers on this demand but comes with the assurance of safe payments too.
“The timing of our certification has allowed us to ensure that the architecture of our technology is in line with the expectations of MPOC and delivered at the conclusion of the scheme waivers that were previously in place. I’m delighted with the way our team has managed this and we see several of our partners benefitting from this approach already.”
phos has continued to accelerate its expansion in the last few years with a string of partnerships globally, including collaborations with Dutch neo bank bunq, conversational commerce platform CM.com and most recently UK-based fintech UTP. This accreditation, allows phos to offer an even better software POS proposition to existing and new customers.
The London-headquartered business also secured €2 million (approximately £1.7 million) in equity funding in August of last year. The new capital has enabled the fintech to continue to expand its operations into new markets and make new hires in its development team.