Citigroup's e-Business division has been hired by electronic chemical exchange, ChemConnect to provide a suite of online financial services for the B2B marketplace.
Under the agreement, Citibank's Crossmar unit will implement a technology gateway to give more than 11,000 world chemical exchange members integrated access to products and services from Citigroup and other financial institutions, including online credit and payment facilities, escrow, and foreign exchange.
Sam Borenstein, president of Crossmar, states the new infrastructure answers world chemical exchange members' needs for integrated access to a diverse range of financial services, and a choice of financial service providers.
John Robinson, ChemConnect CEO, says: "We are supplementing the e-commerce efficiencies of buying and selling products online, in real time, on the world chemical exchange, with `click-through' access to core financial services. This is another major support capability that our members need and that we will move quickly to implement."