(CMRC) Citigroup and Commerce One Announce Plan to Build Internet Marketplace; Citibank Procurement Connection to Enable Business-to-Business E-Commerce
NEW YORK and WALNUT CREEK, Calif., Feb 17, 2000 (BUSINESS WIRE) -- Citigroup's
e-Citi unit, a global leader in electronic financial services and e-commerce,
and Commerce One, (NASDAQ: CMRC), a leader in global e-commerce solutions for
business, today announced plans to launch a business-to-business portal
providing e-commerce services to Citigroup's worldwide corporate customers.
This alliance will create a virtual marketplace linking corporate buyers and
suppliers to the new Citibank Procurement Connection portal, which will process
procurement transactions and host vendor catalogs as well as market specific
applications addressing the needs of particular industries. Citibank Procurement
Connection is based on the Commerce One MarketSite(TM) Portal Solution and will
enable Citibank's corporate customers to access a series of hosted e-procurement
applications for specific markets.
In addition, Citigroup will become the primary financial service provider on the
Commerce One MarketSite(TM) Global Trading Portal, which will enable all buying
organizations trading on MarketSite to take advantage of Citibank's broad array
of financial services. These services will also be made available through the
Commerce One Global Trading Web(TM), the world's largest business-to-business
trading community.
Ed Horowitz, Senior Corporate Officer of Citigroup, described the venture as "a
powerful combination of cutting-edge technology, Citigroup's global corporate
franchise and our borderless financial services. By allying with Commerce One,
e-Citi will deliver a seamless, full-solution trading exchange to our customers,
from order to payment, that guarantees convenience, cost-savings and speedy
access. In addition, by integrating our financial services with the Commerce One
Solution, we will offer a new level of service convenience to the Commerce One
trading communities, which will open up enormous cost-savings and efficiency
opportunities for corporations and global markets." Commerce One BuySite
e-procurement application is currently being used by e-Citi employees to make
direct purchases using a Citibank procurement e-card as a payment vehicle.
e-Citi will launch its global trading portal in early 2000 to provide hosted
procurement applications to businesses and governments. In addition to linking
buyers and sellers, Citibank Procurement Connection will benefit participating
enterprises through distinctive financial service features, such as 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.
"Citigroup has the vision to understand the revolution e-commerce signals for
international finance and global trading," said Mark Hoffman, president and CEO,
Commerce One. "We believe that our leadership in business-to-business e-commerce
solutions combined with Citigroup's leadership in global financial services will
add a major new dimension to the Commerce One Global Trading Web."
The Commerce One Global Trading Web(TM) is the world's largest
business-to-business trading community. Comprised of many open e-marketplaces
running on the Commerce One MarketSite portal solution, the Global Trading Web
provides unprecedented economies of scale for buying organizations, suppliers,
and service providers worldwide. Each global trading portal is independently
owned and operated by a leading market maker in a region or industry - resulting
in the greatest choice for all trading partners. Global trading portals are
currently operating in Latin America, the United Kingdom, Australia, Germany,
Japan, Singapore, Switzerland, Canada and the United States. In addition, global
trading portals using Commerce One technology are currently in operation for the
automotive and energy industries.
"Our corporate customers look to us to provide a trusted, secure, independent
environment where they can trade with others in their industry. They are relying
on us for financial services, private auction capabilities, information
integrity and integration with their ERP (Enterprise Resource Planning)
systems," said Charlie Bohn, Industry Head for Chemicals and Pharmaceuticals, in
Citigroup's Global Corporate and Investment Bank. "The Citibank Procurement
Connection will also give our preferred suppliers access to important new
markets. We look forward to a rapid global rollout." Jorge Bermudez, Executive
Vice President of Citibank Global Cash and Trade, added that "These new
offerings will transform the way that Citibank works with our customers and
their customers around the world by supporting the exchange of value through
emerging electronic marketplaces." Citigroup will also focus on servicing
industry-specific communities such as pharmaceuticals and telecommunications,
and together with Commerce One will offer additional financial services to these
vertical marketplaces.
NEW YORK and WALNUT CREEK, Calif., Feb 17, 2000 (BUSINESS WIRE) -- Citigroup's
e-Citi unit, a global leader in electronic financial services and e-commerce,
and Commerce One, (NASDAQ: CMRC), a leader in global e-commerce solutions for
business, today announced plans to launch a business-to-business portal
providing e-commerce services to Citigroup's worldwide corporate customers.
This alliance will create a virtual marketplace linking corporate buyers and
suppliers to the new Citibank Procurement Connection portal, which will process
procurement transactions and host vendor catalogs as well as market specific
applications addressing the needs of particular industries. Citibank Procurement
Connection is based on the Commerce One MarketSite(TM) Portal Solution and will
enable Citibank's corporate customers to access a series of hosted e-procurement
applications for specific markets.
In addition, Citigroup will become the primary financial service provider on the
Commerce One MarketSite(TM) Global Trading Portal, which will enable all buying
organizations trading on MarketSite to take advantage of Citibank's broad array
of financial services. These services will also be made available through the
Commerce One Global Trading Web(TM), the world's largest business-to-business
trading community.
Ed Horowitz, Senior Corporate Officer of Citigroup, described the venture as "a
powerful combination of cutting-edge technology, Citigroup's global corporate
franchise and our borderless financial services. By allying with Commerce One,
e-Citi will deliver a seamless, full-solution trading exchange to our customers,
from order to payment, that guarantees convenience, cost-savings and speedy
access. In addition, by integrating our financial services with the Commerce One
Solution, we will offer a new level of service convenience to the Commerce One
trading communities, which will open up enormous cost-savings and efficiency
opportunities for corporations and global markets." Commerce One BuySite
e-procurement application is currently being used by e-Citi employees to make
direct purchases using a Citibank procurement e-card as a payment vehicle.
e-Citi will launch its global trading portal in early 2000 to provide hosted
procurement applications to businesses and governments. In addition to linking
buyers and sellers, Citibank Procurement Connection will benefit participating
enterprises through distinctive financial service features, such as 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.
"Citigroup has the vision to understand the revolution e-commerce signals for
international finance and global trading," said Mark Hoffman, president and CEO,
Commerce One. "We believe that our leadership in business-to-business e-commerce
solutions combined with Citigroup's leadership in global financial services will
add a major new dimension to the Commerce One Global Trading Web."
The Commerce One Global Trading Web(TM) is the world's largest
business-to-business trading community. Comprised of many open e-marketplaces
running on the Commerce One MarketSite portal solution, the Global Trading Web
provides unprecedented economies of scale for buying organizations, suppliers,
and service providers worldwide. Each global trading portal is independently
owned and operated by a leading market maker in a region or industry - resulting
in the greatest choice for all trading partners. Global trading portals are
currently operating in Latin America, the United Kingdom, Australia, Germany,
Japan, Singapore, Switzerland, Canada and the United States. In addition, global
trading portals using Commerce One technology are currently in operation for the
automotive and energy industries.
"Our corporate customers look to us to provide a trusted, secure, independent
environment where they can trade with others in their industry. They are relying
on us for financial services, private auction capabilities, information
integrity and integration with their ERP (Enterprise Resource Planning)
systems," said Charlie Bohn, Industry Head for Chemicals and Pharmaceuticals, in
Citigroup's Global Corporate and Investment Bank. "The Citibank Procurement
Connection will also give our preferred suppliers access to important new
markets. We look forward to a rapid global rollout." Jorge Bermudez, Executive
Vice President of Citibank Global Cash and Trade, added that "These new
offerings will transform the way that Citibank works with our customers and
their customers around the world by supporting the exchange of value through
emerging electronic marketplaces." Citigroup will also focus on servicing
industry-specific communities such as pharmaceuticals and telecommunications,
and together with Commerce One will offer additional financial services to these
vertical marketplaces.
