IPayment - What does it do, exactly?

If there's anyone out there using iPayment, please help. We're trying to get it set up, but are unsure if iPayment talks to the banks to process credit cards or if it goes through some sort of intermediary. It's very unclear to us when we read through the documentation.
We've been using POS Partner with our legacy system for credit card processing. We're not sure if we still need to use POS Partner or if iPayment will do everything POS Partner is already doing. If you have any links for more information I would appreciate it
Thank you
Heidi

iPayment requires another 3rd party piece of software to talk to the bank. We use verisign payflow pro. Payflowpro has recently been acquired by paypal.
https://www.paypal.com/cgi-bin/webscr?cmd=_payflow-pro-overview-outside

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