I think the B2B portal announced below is going to be BIG business for TD.
TD Bank Financial Group and Commerce One to create Canada's first business-to-business electronic marketplace
TD joins Commerce One Global Trading Web
TORONTO, Dec. 15 /CNW-PRN/ - TD Bank Financial Group (NYSE/TSE:TD) and Commerce One (NASDAQ:CMRC -news) today announced an agreement to establish the infrastructure for TD MarketSite -- the first business-to-business electronic marketplace and trading portal of its kind in Canada.
TD will operate TD MarketSite, which is based on the Commerce One MarketSite portal solution. TD MarketSite will streamline the buying and selling of goods between businesses throughout Canada.
''This new portal allows us to complement our traditional role of financial services provider with a role whereby we create
substantial opportunities for our clients and potential clients by offering new business- to-business e-commerce services. In
addition, we save costs on TD's internal procurement,'' said A. Charles Baillie, Chairman and Chief Executive Officer, TD
Bank. ''The TD/Commerce One alliance is a major new development in Canada's burgeoning e-commerce sector and specifically in business-to-business e- commerce -- the growth of which is expected to outpace that of the online business-to-consumer sector.''
The establishment of the TD MarketSite trading portal -- the first of its kind in Canada -- will enable buyers and suppliers to
take advantage of substantial cost reductions by linking buying and supplying organizations in open, real-time trading communities. TD will conduct the information processing necessary to facilitate the interaction between suppliers and purchasers on the TD Marketsite.
Furthermore, links with other Commerce One MarketSite portals around the world will facilitate global access for Canadian buyers and suppliers through the Commerce One Global Trading Web. TD will also take a seat on the Commerce One Global Trading Web Advisory Council.
Unlike existing Internet trading methods, buyers will be able to place and track orders with a range of sellers by accessing one
site. The Commerce One Solution is designed to increase efficiency, streamline buying processes and reduce purchasing cycle times and costs.
This initiative will be run as a distinct operation within TD Bank Financial Group, with the support of a sales and marketing
department. TD expects to begin using TD MarketSite for internal procurement in March 2000, with broad access for customers, suppliers and others planned for June 2000.
''We believe that Commerce One's leadership in electronic commerce coupled with TD's position as the most innovative of Canadian banks will enable us to together deliver comprehensive procurement solutions with superior customer support and service,'' said Mark Hoffman, President and Chief Executive Officer of Commerce One. ''Canadian businesses adopting the TD/Commerce One solution can expect to improve their operational efficiency, reduce costs and increase their buying and selling power.''
Commerce One operates its flagship marketplace, Commerce One MarketSite, in the United States. Other regional MarketSite operating partners include British Telecom (BT) in the United Kingdom, NTT Communications in Japan, SESAMi.com in Southeast Asia and Cable & Wireless Optus in Australia. Most recently, Commerce One announced an
agreement with General Motors Corp. to launch GM TradeXchange, a portal for GM's trading community of suppliers, dealers and other business partners.
There will be a news conference held today at 2:00 p.m. EDT regarding this initiative. Media from outside of Toronto may dial in toll-free to 1-800-361-1028 to listen and ask questions, or may access a live webcast of the news conference at www.tdbank.ca, or www.newstheatre.com.
About TD Bank Financial Group
In Canada and around the world, TD Bank Financial Group (NYSE/TSE: TD) serves more than 10 million customers in four key areas: personal banking, commercial banking, wealth management and investment banking. TD Bank Financial Group is a leading e-commerce financial institution, providing online access to banking, discount brokerage and mutual fund products and services through TD Access, TD Waterhouse Bank, TD Waterhouse Group Inc. (NYSE/TSE: TWE) and TD Asset
Management. With more than 1 million online customer accounts worldwide, TD Bank Financial Group ranks among the top
six financial services firms in the world as measured by online accounts.
About Commerce One
Commerce One (NASDAQ: CMRC - news) is a leading provider of electronic commerce solutions that dynamically link
buying and supplying organizations into real- time trading communities. The Commerce One Solution(TM), comprising
Commerce One BuySite(TM) and Commerce One MarketSite(TM), enables companies to significantly reduce operational
expenses and increase efficiency by automating the entire indirect goods and services supply chain. As a result, enterprise
organizations are able to realize a strategic competitive advantage as well as a rapid return on investment. Commerce One is
located in Walnut Creek, CA (www.commerceone.com).
Commerce One, BuySite, BuySite Enterprise Edition, BuySite Hosted Edition and MarketSite are either trademarks or registered trademarks of Commerce One. Other product and company names mentioned herein might be the trademarks of their respective owners.
SOURCE: TD Bank |
