Citigroup And Commerce One Launch Online Marketplace - InformationWeek

InformationWeek is part of the Informa Tech Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them.Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726.

IoT
IoT
News

Citigroup And Commerce One Launch Online Marketplace

Citigroup Inc.'s e-Citi unit is joining the business-to-business marketplace by pairing up with E-commerce software vendor Commerce One Inc. to build an online marketplace for corporate buyers.

The e-Citi unit will use Commerce One procurement software in the new Citibank Procurement Connection portal, which will host vendor catalogs, provide auction capabilities, and sell specific applications for vertical industries, including pharmaceuticals and telecommunications. The portal also will offer financial features such as immediate online executable currency exchange rates, financing, digital certificates, electronic business-to-business bill payment and presentment, and electronic payments linked to a company's accounts-payable processing.

Citigroup will become the primary financial services provider on the Commerce One global trading portal, giving it access to a large number of potential clients.

Denise McLaughlin, e-Citi VP, says the decision to launch a buying portal was driven by requests from global companies that wanted help with the procurement process from an independent party. "Companies are concerned about maintaining privacy over their pricing data," she says. "A supplier doesn't want buyers to know that they're getting different prices."

McLaughlin said the portal will launch once testing and security measures are completed. In addition to corporate buyers and vertical industries, the portal will also serve government agencies.

One industry consultant expects more purchasing portals to be created to serve vertical markets. "Everyone has cost-reduction pressures, and finding ways to reduce costs on purchased goods and services that are not directly related to the company's core product will have a significant impact on a company's spending practices," says Mike Fatch, KPMG's managing director for E-purchasing in consumer and industrial markets.

We welcome your comments on this topic on our social media channels, or [contact us directly] with questions about the site.
Comment  | 
Print  | 
More Insights
2020 State of DevOps Report
2020 State of DevOps Report
Download this report today to learn more about the key tools and technologies being utilized, and how organizations deal with the cultural and process changes that DevOps brings. The report also examines the barriers organizations face, as well as the rewards from DevOps including faster application delivery, higher quality products, and quicker recovery from errors in production.
Slideshows
10 Trends Accelerating Edge Computing
Cynthia Harvey, Freelance Journalist, InformationWeek,  10/8/2020
Commentary
Is Cloud Migration a Path to Carbon Footprint Reduction?
Joao-Pierre S. Ruth, Senior Writer,  10/5/2020
News
IT Spending, Priorities, Projects: What's Ahead in 2021
Jessica Davis, Senior Editor, Enterprise Apps,  10/2/2020
Register for InformationWeek Newsletters
Video
Current Issue
[Special Report] Edge Computing: An IT Platform for the New Enterprise
Edge computing is poised to make a major splash within the next generation of corporate IT architectures. Here's what you need to know!
White Papers
Slideshows
Twitter Feed
Sponsored Live Streaming Video
Everything You've Been Told About Mobility Is Wrong
Attend this video symposium with Sean Wisdom, Global Director of Mobility Solutions, and learn about how you can harness powerful new products to mobilize your business potential.
Sponsored Video
Flash Poll