Commerce One and Citibank have released a joint solution for automating the invoice-to-payment cycle across e-marketplaces. The technology, which combines the CitiConnect network with the Commerce One MarketSite operating environment, was developed in conjunction with technology partners Baltimore Technologies, Netegrity and SurePay, powered by VeriSign.
Ann Cairns, global e-Solutions head at Citibank e-business says the bank is the first payment provider to utilise MarketSite in this way.
The combined solution is built on MarketSite and Commerce One's xCBL library of XML business documents and is open to all applications required to automate the invoice-to-payment process, says Cairns.
Available over the CitiConnect platform, the solution features technology from SurePay, an eONE Global company, to manage payment requests and perform settlement of the payment from the buyer's account to the supplier's account. Baltimore Technologies has been called on to provide digital certificates, encryption and authentication, and Netegrity provides single sign-on and user management capabilities, to ensure secure business-to-business transactions. Commerce One is providing the on-ramps for payment through its Invoice Presentment and Payment solution and is also offering procurement consulting services to participating companies.
The solution is based on open standards and is scalable, adds Commerce One, enabling the addition of multiple financial services providers and services including escrow, letters of credit and leasing.