Bank-backed B2B exchange implements PeopleSoft

Bank-backed B2B exchange implements PeopleSoft

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.

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