U.S. financial services giant
Citigroup Inc. said Thursday it would create an Internet portal
with software maker Commerce One Inc. to enable companies to do
business with each other online.
Citigroup said the business-to-business portal, to be
created by its e-Citi unit and Commerce One, would process
procurement transactions and host vendor catalogues.
"This alliance will create a virtual marketplace linking
corporate buyers and suppliers," it said in a joint statement
with Commerce One of Walnut Creek, Calif.
Citigroup said it expected to to launch the portal, to be
called Citibank Procurement Connection, in early 2000.
"In addition to linking buyers and sellers, Citibank
Procurement Connection will offer immediate online executable
currency exchange rates, financing, procurement card
capabilities, digital certificates, electronic
business-to-business bill payment and presentment, and
electronic payments linked to a company's accounts payable
processing," it said.
Citigroup also said it had agreed to offer financial
services on Commerce One's MarketSite Global Trading Portal and
Global Trading Web, an online trading community for businesses.
The e-Citi unit specialises in electronic commerce and
financial services.
Commerce One makes software that lets companies buy supplies
over the Internet.
