AurionPro, IP Commerce Form PriorityCommerce JV

The joint venture will build on applications developed for the IP Commerce Platform, which offers the ability to payment-enable any software and simply and securely provision on-demand payment types to merchants and small businesses. Initial efforts will focus on ReceivePay™ – a QuickBooks credit card processing add-in, as well as PASS Commerce Center, an application that allows businesses using Windows Vista Business to easily find new commerce tools, make and accept new payment types over the Internet, creating new revenue models and commerce abilities.

PASS—Payments as a Secure Service—is supported by the PASS Consortium, a group formed to promote delivery of a wide range of innovative financial management solutions utilizing the Internet.

Under the terms of the venture, the two companies will jointly identify market opportunities to address a rapidly growing need in the small and medium sized business market for new electronic commerce transaction solutions. Additionally, the companies announced that the joint venture will contract with AurionPro to provide product management and support services over the next two years.

"AurionPro brings many years of experience creating payment solutions and complements IP Commerce with a global product development network that can rapidly respond to changing market needs for commerce solutions," said Chip Kahn, IP Commerce CEO. "With this partnership we are essentially gaining a highly skilled product development group that will enable IP Commerce to focus additional resources on market and channel development.”

“Partnering with IPCommerce provides an opportunity for AurionPro to leverage our ability to create intellectual capital based on deep banking domain expertise and payments industry exposure,” said Samir Shah, managing director, AurionPro USA.