Fifth Third Processing Solutions Launches Open Payments Platform Solution to Ignite Application Developer Innovation

CINCINNATI, March 15, 2011 /PRNewswire/ -- Fifth Third Processing Solutions, together with IP Commerce, are pleased to announce the availability of e-Similate™, an open payments platform and workflow engine designed to facilitate the delivery of Fifth Third Processing Solutions' comprehensive set of payment transaction processing and acceptance solutions to the software developer community.

The platform combines Fifth Third Processing Solutions' pioneering tier one payment capabilities with a wide range of select third-party services and unique market segment workflows through easily consumable Application Programming Interfaces (APIs) aimed at expediting the creation of innovative new payment solutions that will serve both consumer and business customers.  Adding Fifth Third Processing Solutions' rich reporting and processing functionality, these APIs empower developers to process payments for a variety of use-cases right from their applications running on the e-Similate Platform.

"It is important to remain flexible in our technology offering so that we can deliver secure processing options and solutions that will meet the needs of our valued partners," said Bill Weingart, Chief Product Officer at Fifth Third Processing Solutions. "Working with IP Commerce provides us with the ability to deliver just-in-time solutions with the speed and depth of service required to support a growing community of software developers."

"We are pleased with Fifth Third Processing Solutions' decision to work with IP Commerce, and that our product, people and process supports their vision," said Alfred 'Chip' Kahn IV, CEO, IP Commerce. "The alliance represents a significant advancement in enabling payments innovation and continues to validate the importance of the software developer in the payments value chain."  

Integration to Fifth Third Processing Solutions' services can be done via readily available, language neutral, APIs from the partners' developer-focused portal at http://www.e-Similate.com.

About IP Commerce

Based in Denver Colorado, IP Commerce, Inc. provides the first cloud-computing platform for commerce - a highly flexible family of payment, data, value-added service, and Federated Identity APIs coupled with workflow, commercialization, and governance resident in the Platform - built to ignite application developer innovation and enable payment service providers to focus on innovation and growth through integrated payments.

Whether developing a payment application, or addressing the needs of a community of Software Companies as a payment service provider, the Platform provides a white-labeled approach to integration, promotion, acquisition and activation.

IP Commerce maintains partnerships with some of the world's most respected financial institutions and software companies. Leading investors, including Meritage Funds, Venrock, Total Technology Ventures (TTV), Iron Gate and Fifth Third Processing Solutions back the company. For more information visit www.ipcommerce.com.

About Fifth Third Processing Solutions, LLC

Fifth Third Processing Solutions, LLC delivers innovative payment transaction processing and acceptance solutions to create and support complex payment strategies for merchants, businesses, and financial institutions around the world. A pioneer in card payment acceptance in the early 1970s, Fifth Third Processing Solutions is headquartered in Cincinnati, Ohio, and is a joint venture with Advent International and Fifth Third Bank, a subsidiary of Fifth Third Bancorp (FITB).

As a premier full service payment solutions provider, the Company provides servicing solutions and product engineering for financial institutions’ and retailers’ credit card, debit card, merchant and private label programs, processing over 11.4 billion ATM and point of sale transactions and over $378 billion in debit and credit card sales volume annually. Its subsidiary, NPC, is the largest provider of payment processing services exclusively focused on the small-to-medium merchant processing market.  The Company supports over 408,000 merchant and financial institution locations and 11,000 ATMs in 44 states and 8 countries. According to the Nilson Report (March 2010), the Company is the third largest U.S. merchant transaction acquirer. Learn more at www.FTPSLLC.com.

SOURCE Fifth Third Processing Solutions