Five big-name firms in the financial services and technology arenas have joined forces to create a company they hope will truly Web-enable payments in business-to-business e-marketplaces.
The new creation, aptly dubbed FinancialSettlementMatrix.com, is the product of an alliance between Wells Fargo & Co., New York-based Citigroup Inc., Atlanta's S1 Corp., Enron Broadband Services and Dallas-based i2 Technologies Inc. It will provide buyers and sellers in e-marketplaces with payment processing and other financial services through a variety of participating institutions, along with the infrastructure to move money quickly. In doing so, the companies say a major void will be filled-namely, allowing businesses to settle entire transactions online, rather than having to wire money or write checks.
FSM.com will help buyers and sellers expedite their cash-flow processes and manage their working capital, said Ann Cairns, global e-solutions head for Citigroup's e-business. Her remarks came during an August teleconference announcing the launch of the company, which Cairns describes as "the missing link" in e-marketplaces.
By its very nature, conducting B-to-B transactions on the Internet exposes marketplace members to financial risk involving payments and credit transactions, said …
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