Commerce One and Citibank to Offer Comprehensive E-Marketplace Financial Services Solution.Business Editors/High-Tech Writers NEW ORLEANS--(BUSINESS WIRE)--April 24, 2001 Baltimore Technologies Baltimore Technologies was an internet security firm founded in 1976 by Michael Purser. It was acquired in 1996 by a team financed by Dermot Desmond and led by Fran Rooney, who became CEO. , Netegrity and SurePay Join Efforts to Deliver Complete Invoice-to-Payment Capabilities for E-Marketplaces At the eLink conference today, Commerce One, Inc. (Nasdaq:CMRC CMRC Canadian Motosport Racing Club CMRC Commerce One Inc. (stock symbol) CMRC Caribbean Marine Research Center CMRC Crime Mapping Research Center CMRC Credit Management Research Centre (UK) ), the e-marketplace company, and Citibank e-Business, a member of Citigroup (NYSE NYSE See: New York Stock Exchange :C), announced the first offering of their strategic alliance to provide a comprehensive financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. solution for e-marketplaces. The new solution was created in conjunction with key technology partners Baltimore Technologies, Netegrity and SurePay, powered by VeriSign. The open, integrated service streamlines and automates the entire invoice-to-payment process across e-marketplaces. It is based on an industry-supported, secure and scalable model that combines Citibank's global financial services network with Commerce One MarketSite(TM), the e-marketplace operating environment In computing, an operating environment is the environment in which users run programs, whether in a command line interface, such as in MS-DOS or the Unix shell, or in a graphical user interface, such as in the Macintosh operating system. . The offering is expected to significantly lower the cost and reduces the complexity of buying and selling between companies in an e-marketplace. "Commerce One is bringing together global electronic commerce and financial leaders and combining best-of-breed solutions to simplify the payment and purchasing process Purchasing Purchasing is the formal process of buying goods and services. The Purchasing Process can vary from one organization to another but there are some key elements that are common throughout The process usually starts with a 'Demand' or requirements for e-marketplaces," said Rob Tarkoff, senior vice president worldwide business development, Commerce One. "By working with Citibank and our other key partners, we believe we are delivering the core financial services that will make it significantly easier to drive business across the Global Trading Web." "Citibank e-Business is making it easier for companies to buy and sell online," said Ann Cairns Cairns, city (1991 pop. 64,463), Queensland, NE Australia, on Trinity Bay. It is a principal sugar port of Australia; lumber and other agricultural products are also exported. The city's proximity to the Great Barrier Reef has made it a tourist center. , global e-Solutions head, Citibank e-Business. "We are the first payment provider to utilize MarketSite through our unique web-enabled financial services solutions, CitiConnect(SM). Working closely with Commerce One and other partners is key to our strategy for delivering value to Citibank customers in the online world." Today, companies must take the payment process off-line to satisfy individual payment requirements due to disparate applications, multiple financial service providers and security issues. Commerce One and Citibank are integrating key technologies from leading financial and technology providers and are expected to offer a complete solution that provides the products, integration services and business strategies to help any e-marketplace simplify their payment processes and reduce the cost of conducting business online. Commerce One and its financial and technology partners are providing the following elements of the solution: -- Citibank provides CitiConnect(SM) Web-enabled financial services to enable e-marketplaces to expand their offerings beyond e-procurement and include global payment and other value-added services over the e-marketplace. -- SurePay, an eONE Global company, manages payment requests and performs settlement of the payment from the buyer's account to the supplier's account. -- Baltimore Technologies provides digital certificates, encryption and authentication, and Netegrity provides single sign-on and user management capabilities, to ensure secure business-to-business transactions. -- Commerce One provides the on-ramps for payment through Commerce One Invoice Presentment and Payment. Commerce One also provides consulting services to help companies leverage best practices in their procurement activities. The solution is built on MarketSite and Commerce One's xCBL library of XML XML in full Extensible Markup Language. Markup language developed to be a simplified and more structural version of SGML. It incorporates features of HTML (e.g., hypertext linking), but is designed to overcome some of HTML's limitations. business documents and is open to all applications required to automate To turn a set of manual steps into an operation that goes by itself. See automation. the invoice-to-payment process. It is based on open standards Specifications for hardware and software that are developed by a standards organization or a consortium involved in supporting a standard. Available to the public for developing compliant products, open standards imply "open systems;" that an existing component in a system can be replaced and is scalable, enabling the addition of multiple financial services providers and services including escrow escrow Instrument, such as a deed, money, or property, that constitutes evidence of obligations between two or more parties and is held by a third party. It is delivered by the third party only upon fulfillment of some condition. , letters of credit and leasing. About Commerce One Commerce One(R) (Nasdaq:CMRC) is the e-marketplace company. Through its software, services and Global Trading Web(TM) of interconnected business communities, Commerce One enables worldwide commerce on the Internet. With headquarters in Pleasanton, California Pleasanton, nicknamed "P-town"<ref name="">Ptown (Pleasanton) Bike Advocates Meeting, East Bay Bicycle Coalition website, August 14, 2007, retrieved August 17, 2007, is a city in Alameda County, California and was incorporated in 1894. and offices around the world, Commerce One can be reached by phone at 800 308 3838 or +1 925 520 6000 or via the Internet at www.commerceone.com. About Citibank e-Business Citibank e-Business provides comprehensive e-commerce solutions that empower empower verb To encourage or provide a person with the means or information to become involved in solving his/her own problems corporations and financial institutions globally to transform financial and business processes. Citibank e-Business solutions focus on the integration of internet-based exchanges, software solutions, logistics, and financial services with existing, end-to-end, liquidity management, investment, and trade finance capabilities. Citibank is a member of Citigroup (NYSE:C), the preeminent pre·em·i·nent or pre-em·i·nent adj. Superior to or notable above all others; outstanding. See Synonyms at dominant, noted. [Middle English, from Latin prae global financial services company. Additional information may be found at: www.e-business.citibank.com. Forward Looking Statements The foregoing paragraphs include forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements include statements concerning the joint efforts of Commerce One, Citibank, Baltimore Technologies, Netegrity and SurePay to provide a comprehensive financial services solution, the expectation that the alliance will help drive business across the GTW GTW Gateway, Inc. (stock symbol) GTW Global Trade Watch GTW Grand Trunk Western (railroad) GTW Gatwick Airport GTW Global Trading Web (Commerce One B2B-platform) , and the expected benefits to be gained by e-marketplace customers and partners from the joint solution, including the ease of buying and selling and reduced transaction costs Transaction Costs Costs incurred when buying or selling securities. These include brokers' commissions and spreads (the difference between the price the dealer paid for a security and the price they can sell it). . The words "believe," "expect," "will" and similar phrases as they relate to Commerce One are intended to identify such forward-looking statements. Such statements reflect the current views and assumptions of Commerce One, and are subject to various risks and uncertainties that could cause actual results to differ materially from expectations. These risks include, but are not limited to, reduction in demand for e-marketplace solutions, delays in developing or shipping new versions of our e-marketplace solutions, unexpected expenses, the continued cooperation of the alliance partners, the possibility that the e-marketplace solutions offered may not meet user expectations, the extent of customer adoption and utilization of the solutions provided, unexpected operational difficulties may occur, risks related to the World Wide Web, general economic conditions, intense and increasing competition in the market and volatility of the stock market. For a discussion of these and other risk factors that could affect Commerce One's business, see "Risk Factors" in Commerce One's filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the year ended December 31, 2000. For more information about the partners please refer to the following web sites: Citibank: www.e-business.citibank.com Baltimore Technologies: www.baltimoretechnologies.com Netegrity: www.netegrity.com SurePay: www.surepay.com and www.eoneglobal.com Note to Editors: Commerce One, Many Markets. One Source. Global Trading Web, Commerce One.net, BuySite, MarketSite(TM) Operating Environment, eLink, MarketWise, Net Market Maker, XML Common Business Library, XML Development Kit, XML Commerce Connector, MarketSite Builder, and SupplyOrder are either trademarks or registered trademarks of Commerce One, Inc. |
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