IP Commerce and BankServ Enable Online Check Deposits for Small Businesses

DENVER--(AllPayNews)--Aug. 14, 2006-- IP Payments Framework Provides SOA Infrastructure to Host New Payments Services IP Commerce, Inc., a software company enabling open payments services between businesses, today, in partnership with BankServ, introduced the first online, remote check deposit service designed exclusively for small businesses. DepositNow(TM) eliminates trips to the bank by enabling small businesses to deposit checks and manage accounts receivable transactions directly from the convenience of their desktop PC. This new payments service, currently offered to merchants by BankServ, a major supplier of bank-branded Check 21 and Accounts Receivable Conversion ("ARC") services for the banking industry, is enabled by leveraging IP Commerce's IP Payments Framework(TM) (IPPF). IPPF is an SOA-based framework that hosts the devices and applications required to make DepositNow possible. IPPF breaks down traditional barriers related to payments services by connecting banks, financial service providers, businesses, software vendors and resellers, and offers the opportunity for its partners, such as BankServ to engage the market with innovative software offerings. "We are convinced that IP Commerce's IPPF is a key element in helping us to create new revenue models and payment abilities for thousands of small businesses throughout the U.S.," said Dave Kvederis, CEO of BankServ. "Through our partnership with IP Commerce, we will continue to rely on IPPF to deliver new electronic payments services to our customers to help them conduct their accounts receivable activities with greater efficiency." DepositNow is an easy-to-use, web-based system designed to meet the growing demand for technology-based payments services as articulated by small businesses. Using a small scanner and high-speed Internet access, the system allows businesses to scan checks and deposit them into their bank of choice. The system's integrated accounts receivable package is capable of assimilating with any accounting software or checking account, and automatically matches deposits to invoices and customers, encrypts data for secure transmission, and stores the information for on-demand research and an audit trail. Small businesses will benefit from the convenience of remote deposits, real-time updates and immediate access to critical funds, and improved deposit accuracy and management. DepositNow requires no IT development and can be fully operational in less than 10 days. "Small businesses don't want to be left behind in the transition from physical to electronic payment transactions. Conversely, banks have been struggling to find technology that provides the required functionality while at the same time is also cost-efficient," said Chip Kahn, CEO of IP Commerce. "The payments services resulting from our partnership with BankServ will address a critical market need among small businesses and will also provide revenue-generating opportunities for BankServ customers who service the small business sector." Currently, small businesses interface with credit card companies and financial services firms in the payments ecosystem through highly proprietary relationships based on one-to-one technology connections. As founding members of the PASS(TM) (Payments as a Secure Service) Consortium, BankServ and IP Commerce are committed to redefining this relationship by enabling Independent Software Vendors, System Integrators and Value-Added Resellers to create more service-rich, innovative financial management solutions and offering best-in-class providers through a single service provisioning system. The PASS Consortium, initiated by IP Commerce, was formed to create several tangible benefits for small businesses, including the ability to receive payments, process transactions, pay invoices, obtain financial services and better manage cash. 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. DepositNow is available now from BankServ and as a PASS member; the solution will be available via Microsoft's forthcoming operating system Windows Vista, expected to launch in early 2007. About BankServ Since its inception in 1996, BankServ has been dedicated to developing new technology to move money quickly and safely over electronic networks. BankServ is a leading global provider of secure Fed wire transfer, SWIFT, Check 21 and ACH payment solutions for banks, governments and businesses. From a single location in San Francisco, BankServ has become one of the fastest-growing companies in America. In 2003 and 2004, BankServ was listed in the Inc. 500 fastest-growing private companies in the U.S. and in the Deloitte and Touche Fast 500 as one of the fastest-growing public or private technology companies. More information about privately held BankServ can be found at www.bankserv.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(TM) (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. The names of actual companies and products mentioned herein may be the trademarks of their respective owners. Contacts IP Commerce, Inc. Christine Stevenson, 720-377-3700, ext. 823 cstevenson@ipcommerce.com or 104 Degrees West Partners Matt Otepka, 206-568-5142 matt.otepka@104degreeswest.com