Robert, here's an assignment I'd like you to do.
Go back on this thread and find the first person here to mention Cmrc.
Ps
Did you know if you open an account with Etrade they'll give you 1 share of eBay?
>
NEW YORK and WALNUT CREEK, Calif.--(BUSINESS WIRE)--Feb. 17, 2000--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. |
