DENVER, Oct. 2, 2006 – IP Commerce, Inc., a software company enabling open payments services between businesses, announced today that Chase Paymentech Solutions, the world’s largest financial transaction processor, has signed a license agreement to utilize IP Payments Framework™ (IPPF), a service-oriented architecture- (SOA) based infrastructure for the payments industry.
Chase Paymentech provides secure and reliable payment processing to more than half a million merchants of all sizes and in all industries. Chase Paymentech will utilize IP Commerce’s open payments network as part of its ongoing strategy to provide a full spectrum of payment processing choices to its merchants enabling greater workflow efficiencies between merchants and their customers.
“Utilizing straight-through processing (STP) of payments, our focus on adding payment value to our merchants and offering real choice to consumers can be enhanced by leveraging IPPF,” said Kevin Gallagher, senior vice president of Corporate Alliances, Chase Paymentech. “This approach will enable us to rapidly deploy new, targeted solutions to our customers and, ultimately, to the consumer.”
IP Commerce’s IPPF breaks down traditional barriers and connects banks, payment service providers, businesses and software ecosystem participants together. IPPF can be utilized to host payments networks, as well as free toolkits to connect services, devices and applications to open payments.
“The payments services industry has been hindered by a lack of choice on all levels. IPPF opens up the payments services playing field and provides options that allow companies to expand into new markets, and offer more and enhanced services,” said Chip Kahn, CEO of IP Commerce. “IPPF is a driving force in the evolution of the payments industry.”
Chase Paymentech is a member of the PASS (Payments as a Secure Service) Consortium, founded by IP Commerce, which promotes the benefits of secure and efficient open financial transactions by leveraging IPPF within Microsoft’s Windows Vista operating system. The PASS Consortium will create several tangible benefits for small businesses, including the ability to receive payments, process transactions, pay invoices, obtain financial services and better manage cash, all from a Windows Vista-powered PC. These and other processes will be fully supported through any bank, credit card company or supplier working with members of the PASS Consortium. In addition, all the functionality provided through member organization offerings will be fully integrated with small business accounting systems, essentially integrating the traditionally disparate world of the cash register and the back office.
About Chase Paymentech Solutions
Chase Paymentech Solutions, LLC, headquartered in Dallas, Texas, is the world’s largest financial transaction processor for businesses accepting payments via traditional point of sale, hospitality, Internet, catalog and recurring billing. Chase Paymentech integrated companies processed approximately 15.5 billion transactions in 2005, with more than $560 billion in annual bankcard and debit volume in both the United States and Canada. The Chase Paymentech customer base includes more than 600,000 merchants with nearly 1 million locations across the United States and Canada. Chase Paymentech is a joint venture between JPMorgan Chase & Co. and First Data Corp. To learn more, visit www.chasepaymentech.com.
About IP Commerce
Based in Denver, Colorado, IP Commerce, Inc. is a software company enabling open payments that allow banks and service providers to deliver payments services seamlessly to any business. The company’s IP Payments Framework™ (IPPF) provides an SOA-based infrastructure for the payments industry that can be utilized to host payments networks, as well as free toolkits to connect services, devices and applications to open payments. IPPF breaks down traditional barriers and connects banks, payment service providers, businesses, and software ecosystem participants together. For more information, visit www.ipcommerce.com.