19 August 2017
Find out more

Bank-backed B2B exchange implements PeopleSoft

17 November 2000  |  2407 views  |  0 mouse

Answork, a B2B joint venture between three leading French banks and Cap Gemini Ernst & Young, has chosen PeopleSoft MarketPay for its financial settlement services.

The application is the world's first complete procure-to-pay financial settlement process built specifically for Internet B2B trading exchanges, claims PeopleSoft, and includes global features such as multi-currency, multi-lingual processing and Euro compliance.

The product was developed in association with answork, a joint venture B2B exchange established by BNP Paribas, Cap Gemini Ernst and Young, Credit Agricole and Societe Generale. The marketplace went live linking corporate buyers and sellers in mid-October.

"Answork is a key partner for Peoplesoft MarketPay," says Stan Swete, senior vice president and general manager of PeopleSoft MarketPlace. "The company has provided its knowledge of financial services and e-business, allowing PeopleSoft to develop a best-in-class solution for operating the financial settlement process."

The system has been designed to allow buyers and sellers to collaborate directly in the settlement process. By matching orders with invoices and providing bill presentment and payment the buying process will be streamlined from order to payment and lead to reduced costs, claims Swete.

"Payment is the next hot issue in the trading exchange frenzy. Companies are getting settled on how to trade goods over the Internet, and now they are thinking about how money will exchange hands." says Randy Weston, executive editor of trade title AMR.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Fleet enters B2B partnership with Miradiant

Fleet enters B2B partnership with Miradiant

15 November 2000  |  2668 views  |  0 comments
Oracle and Citigroup plan giant B2B exchange

Oracle and Citigroup plan giant B2B exchange

14 November 2000  |  4318 views  |  0 comments
ABN Amro unveils B2B e-billing service

ABN Amro unveils B2B e-billing service

09 November 2000  |  3165 views  |  0 comments
Deutsche Bank pilots B2B payments service

Deutsche Bank pilots B2B payments service

26 October 2000  |  2756 views  |  0 comments
Canadian banks and Bell launch national B2B exchange

Canadian banks and Bell launch national B2B exchange

27 September 2000  |  2820 views  |  0 comments

Related blogs

Create a blog about this story (membership required)
download the paper nowvisit www.niceactimize.comvisit www.worldpaymentsreport.com

Top topics

Most viewed Most shared
Mobile contactless spending accelerating in UKMobile contactless spending accelerating i...
8520 views comments | 23 tweets | 23 linkedin
Norwegian banks and startups form fintech clusterNorwegian banks and startups form fintech...
7614 views comments | 19 tweets | 23 linkedin
RBS to bring Silicon Valley to EdinburghRBS to bring Silicon Valley to Edinburgh
6773 views comments | 10 tweets | 7 linkedin
hands typing furiouslyWhy Blockchain Might Not Be The Future For...
6296 views 1 | 5 tweets | 3 linkedin
Apple sidelined as Beijing transit system launches payments appApple sidelined as Beijing transit system...
6133 views comments | 11 tweets | 9 linkedin

Featured job

Find your next job