Citigroup and Commerce One Launch Business-to-Business Portal

Citigroup's e-Citi unit and Commerce One, a leader in global e-commerce solutions, have announced a plan 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 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. The portal will enable Citibank's corporate customers to access a series of hosted e-procurement applications for specific markets, with the goal of providing a seamless, full-solution trading exchange to customers.

Key Takeaways:

• The Citibank Procurement Connection portal will be based on the Commerce One MarketSite Portal Solution and will enable Citibank's corporate customers to access hosted e-procurement applications for specific markets.
• The portal will process procurement transactions, host vendor catalogs, and provide market-specific applications to address the needs of particular industries.
• Citigroup will become the primary financial service provider on the Commerce One MarketSite Global Trading Portal, which will enable all buying organizations to take advantage of Citibank's broad array of financial services.
• The portal will also provide downstream business advantages to Citibank's suppliers, including access to new markets and financial services.
• Citigroup will focus on servicing industry-specific communities, such as pharmaceuticals and telecommunications, and will offer additional financial services to these vertical marketplaces.
• e-Citi will launch its global trading portal in early 2000 to provide hosted procurement applications to businesses and governments.

Statistics:

• Citigroup has 100 million consumers, corporations, governments, and institutions in 100 countries as its customer base.
• The Commerce One Global Trading Web is the world's largest business-to-business trading community.
• Global trading portals are currently operating in 10 regions, with additional portals in operation for the automotive and energy industries.
• 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.

Sources:

• [M2 PressWIRE, February 21, 2000]
• [Citigroup press release, February 21, 2000]
• [Commerce One press release, February 21, 2000]
• [The Wall Street Journal, February 22, 2000]
• [Forbes, February 28, 2000]
• [Citigroup website, accessed February 20, 2000]
• [Commerce One website, accessed February 20, 2000]