IP Commerce® Introduces Multi-Party Payments – Expanding Open Platform Capabilities for Retailers and Software Providers
San Francisco, California – May 8, 2011: IP Commerce announces an innovative new Multi-Party Payments solution during the FinovateSpring 2012 conference.
Today, IP Commerce announced the immediate availability of their new Multi-Party Payments (MPP) Commerce Playlist – a powerful rules-based engine designed to streamline and simplify the collection and disbursement of funds across multiple parties. Developed to serve the growing convergence of online and onsite requirements of retailers and software providers, MPP adds additional capabilities to the IP Commerce Platform.
The announcement of MPP came today at the FinovateSpring 2012 conference in San Francisco – a two-day showcase of the newest financial and banking technology innovations from leading technology companies. The solution, designed to offer retailers and software developers a choice against other expensive and inflexible alternatives from PayPal and Amazon, supports both the card-present (onsite) and card-not-present (online) requirements these markets demand.
When building applications on the IP Commerce Platform, developers can leverage MPP’s features to address the pain points associated with payment acceptance, funds disbursement and identity verification. The solution supports one-to-many and many-to-many workflows for payers and payees – all through a simple API or management console.
“The software companies and associated retail customers we serve have repeatedly asked us to help with this thorny infrastructure challenge,” said IP Commerce Founder and CEO Alfred ‘Chip’ Kahn IV. “The Multi-Party Payments Playlist provides our customers with cloud-based functionality to address the collection and disbursement challenges associated with Online-to-Onsite payment workflows – allowing them to remain focused on getting their applications and services to market quickly, while leveraging our platform to do the heavy lifting associated with commerce workflow orchestration.”
Key Multi-Party Payment features offered by IP Commerce:
- Integrated Acceptance and Disbursement Engine – MPP enables two previously disparate processes to collapse into one seamless operation that connects both the acceptance and disbursement of funds via user-defined business rules.
- Complex Business Rules Made Simple – Leveraging the powerful business rules and workflow orchestration of the Platform, MPP simplifies complex payment scenarios including; multiple buyers who want to pay together for goods or services, disbursement of funds to offline merchants who have enabled marketing services at the Point-of-Sale, and organizations that need to collect funds but delay payments to suppliers until a defined threshold is reached.
- Extensive Payment Network – Powered by IP Commerce’s open commerce platform, MPP supports payment acceptance via existing IP Commerce acquiring service providers. As always, Merchant Acquirers continue to own the relationship for underwriting and risk management with merchants. Disbursements can be made to any bank in North America through existing ACH network partners or via innovative new digital checkbook provider Zipmark – an official MPP launch partner.
- Online and Onsite Support – As the lines between online and in-store shopping continue to blur, retailers and software providers require a commerce infrastructure that supports both card-present and card-not-present workflow needs. As part of the IP Commerce platform, MPP supports multi-channel workflows across all points of customer interaction.
- Identify and Account Verification – MPP positively verifies disbursement recipients and accounts with turn-key identity verification services including; ID verification, OFAC check, address verification, IP lookup, DNS checker and ABA/DDA account verification.
The methods of commerce between a buyer and a seller are changing radically. Just as there are more cloud-connected devices (laptops, smartphones and tablets) replacing legacy client/server terminals, there are also more ways for buyers to interact with sellers (via apps, deals, merchant and CPG incentives and social media). MPP has extended the capabilities of the IP Commerce platform to directly address this issue.
About IP Commerce
We enable the next generation of commerce applications, known as POS 2.0, which brings online consumer experiences into offline commerce environments via tablet, mobile and all other connected devices.
IP Commerce offers the only open Platform-as-a-Service (PaaS) that serves POS 2.0 application developers with fast and easy APIs and workflows for innovative commerce solutions. Our intelligent infrastructure provides advanced two-way workflows and data for rich commerce interactions, retail offer management, multi-party fund disbursement, merchant boarding and much more — all enabled by our private-labeled Platform.
We maintain offices in Denver and San Francisco and have partnered with many of the world’s most respected and forward-thinking financial institutions and software companies, including Vantiv, Chase, Intuit, Square and many others. Our Platform powers nearly $4 Billion in annual commerce value stimulated by some of the most innovative commerce applications in the world used by businesses and consumers every day.
For more information, visit www.ipcommerce.com or for media contact, email Donne Whitlow: email@example.com.
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