News from the Wire

IP Commerce, FI industry leaders to provide secure financial services for small businesses

Monday, July 17, 2006 — 15:42:54 (EDT)

Boston, Mass., July 17, 2006 – IP Commerce, Inc., a software company enabling new open payments services between businesses, today with several financial industry leaders announced a partnership to create and deploy a software infrastructure which will enable small businesses to complete financial transactions as secure services from a desktop PC. %%N%%NThe goal of PASS™ (Payments as a Secure Service) is to enable small businesses using Windows Vista to perform secure financial transactions over the Internet, creating new revenue models and payment abilities for thousands of small businesses throughout the US. IP Commerce has worked closely with Microsoft to bring PASS to fruition.%%N%%NIntroduced this morning at the Microsoft Worldwide Partner Conference in Boston, PASS Consortium founding members include the following organizations: %%N%%NFinancial Service Providers:%%N%%NBankServ: leading provider of Fedwire, SWIFT and TurboSwift, ACH and Check 21 solutions for banks, governments and businesses. %%N%%NChase Paymentech: nation’s largest financial transaction processor for businesses accepting payments via traditional point of sale, hospitality, Internet, catalog and recurring billing. %%N%%NCIT Group, Inc. (NYSE: CIT): leading commercial and consumer finance company and the number one Small Business Administration (SBA) lender. %%NInternet Commerce Corporation (NasdaqCM: ICCA): leader in business-to-business e-commerce solutions. %%N%%NPayPal: the world’s trusted way to pay and get paid online. PayPal enables individuals and businesses with an e-mail address in 55 countries and regions to send and receive payments online securely and easily using a bank account, credit card, buyer credit or stored balance. %%N%%NPay by Touch Payment Solutions: global leader of biometric authentication, loyalty, membership and payment solutions. %%N %%NCombining the core expertise of each member organization with the growing relevance of software delivered as a service, the PASS Consortium will focus on presenting a more secure, holistic software solution that facilitates on-demand access to financial management and payments services directly through Microsoft’s forthcoming operating system, Windows Vista.%%N%%N“Small- and medium-sized businesses are hamstrung by dedicated relationships that have been defined by technology such as hardware and their associated legacy payment processing methods,” said Chip Kahn, CEO of IP Commerce. “Microsoft Windows Vista and other new software technologies delivered as secure services offer businesses and their trusted providers new revenue opportunities and efficiencies.”%%N%%NCurrently, small businesses interface with credit card companies and financial services firms in the financial ecosystem through highly proprietary relationships based on one-to-one technology connections. PASS redefines this relationship by enabling Independent Software Vendors, System Integrators and Value-Added Resellers to create service-oriented financial management solutions in software applications fulfilled by best-in-class providers through a single service provisioning system. %%N%%N“Every business engages in accounting and financial management, most widely recognized as accounts receivable and accounts payable,” said Dave Wascha, director of Windows Vista Product Management at Microsoft Corp. “With the launch of Windows Vista and through the work of the PASS Consortium, we’re delighted to see that IP Commerce will be marrying everyday accounting duties within the workflow where they exist, providing businesses with more secure, comprehensive financial management and payments solutions from a central location on the desktop.”%%N%%NIP Commerce initiated the creation of the PASS Consortium to promote the benefits of secure and efficient open financial transactions. 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. %%N%%NThe PASS Consortium is enabled by leveraging IP Commerce’s IP Payments Framework™ (IPPF) within Windows Vista. IPPF provides an SOA-based framework for the financial industry that can be utilized to host payments networks, as well as toolkits to connect services, devices and applications to multiple financial management services. IPPF breaks down traditional barriers by connecting banks, financial service providers, businesses, software vendors and resellers, and offers the opportunity to engage the market with innovative software offerings targeting each of these groups.%%N%%NThe PASS Consortium makes optimal use of new features in Windows Vista, including the operating system’s enhanced security features and the ability to discover PASS Consortium offerings using its new integrated search capabilities. The services are expected to be fully implemented by the Windows Vista launch in early 2007.%%N%%NQualified technology vendors and industry organizations interested in joining the PASS Consortium may contact Christine Stevenson at IP Commerce at cstevenson@ipcommerce.com or by calling 720.377.3700. %%N%%NAbout IP Commerce%%N%%NBased in Denver, Colorado, IP Commerce, Inc. is a software company enabling open payments that allow banks and service providers to deliver payment 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. %%N%%NAbout BankServ%%NSince 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. %%N%%NFrom 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%%N%%NAbout Chase Paymentech Solutions%%NChase Paymentech Solutions, LLC, headquartered in Dallas, Texas, is the nation's largest financial transaction processor for businesses accepting payments via traditional point of sale, hospitality, Internet, catalog and recurring billing. The 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. Chase Paymentech Solutions’ customer base includes more than 600,000 merchants with nearly 1 million locations across the United States and Canada, including many of the top brands. Chase Paymentech is a joint venture between JPMorgan Chase & Co. and First Data Corp. For more information, visit www.paymentech.net. %%N%%NAbout CIT%%N%%NCIT Group Inc. (NYSE: CIT), a leading commercial and consumer finance company, provides clients with financing and leasing products and advisory services. Founded in 1908, CIT has more than $65 billion in managed assets and possesses the financial resources, industry expertise and product knowledge to serve the needs of clients across approximately 30 industries worldwide. CIT, a Fortune 500 company and a member of the S&P 500 Index, holds leading positions in vendor financing, factoring, equipment and transportation financing, Small Business Administration loans, and asset-based lending. With its global headquarters in New York City, CIT has more than 6,700 employees in locations throughout North America, Europe, Latin America, and the Pacific Rim. CIT has been the #1 Small Business Administration (SBA) lender for six consecutive years. For more information, visit www.CIT.com.%%N%%NAbout Internet Commerce Corporation (ICC)%%NInternet Commerce Corporation (NasdaqSC: ICCA), headquartered in Norcross, Georgia, is a leader in providing business-to-business e-commerce solutions. Thousands of customers rely on ICC's comprehensive line of solutions, in-depth expertise, and unmatched customer service to help balance cost, fit, and function required to meet unique requirements for trading partner compliance, coordination, and collaboration. With its software solutions, network services, hosted web applications, managed services, and consulting services, ICC is the trusted provider of e-commerce solutions for businesses, regardless of size and level of technical sophistication, to connect them with their trading communities. For more information, visit www.icc.net.%%N%%NAbout Pay By Touch™ %%NPay By Touch is the global leader of biometric authentication, personalized rewards, and payment solutions. The company’s patented biometric products and services enable shoppers to conveniently and securely access personal accounts using a finger scan to identify themselves, make purchases, cash checks, and earn rewards. Pay By Touch also provides robust payment processing solutions for ACH (electronic checking), card-present and card-not-present debit and credit transactions. To date, Pay By Touch services over 154,000 retail clients, manages personalized rewards programs for more than 130 million opt-in consumers, and has more than 2.5 million shoppers using biometric authentication products and services at 2,000+ locations coast to coast. Founded in 2002, Pay By Touch is a privately held company headquartered in San Francisco that employs more than 600 professionals and holds more than fifty U.S. issued patents. For additional company information, visit www.paybytouch.com.%%N%%NSource: Company release

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Source: Company press release.