E-business enabler: Citigroup

Global Finance, Summer 2001

In North America e-billing for BzB transactions was developed by Citibank using Bottomline Technologies. B2B e-- billing is more complex than B2C, as it requires online dispute management. For the Asian marketplaces Citibank is currently considering local service and technology providers. In Europe Citibank is rolling out e-billing to its own customers. Corporate clients of the bank will see bills on the Web and will settle accounts by direct debit.

In North America, Citibank's e-billing BzC capability is powered by Youraccounts.com, a DST systems company. Citibank has also been working on this solution with Paytrust, a company in which the bank has a stake.

Last year Citibank entered into a venture with Enron Broadband Services, 12 Technologies, Si Corporation, and Wells Fargo to streamline buying, selling, and facilitating payments in B2B e-commerce. The new company, FinancialSettlementMatrix.com (FSMx.com), will connect buyers and sellers in e-marketplaces with payment processing, credit, and other services through multiple participating banks and financial services companies. Citibank provides financial services, and Si contributes its Internet-based payment processing technology, messaging capabilities, and corporate suite infrastructure. All services will be integrated with I2's TradeMatrix e-business solution, in addition to other commerce platforms.

Citibank is a member of a number of multidealer platforms, such as Atriax, the leading electronic marketplace for foreign exchange products and related services. Atriax will deliver an open marketplace for all corporate, institutional, and banking foreign exchange professionals globally.

"Looking toward the future, Citibank is committed to its mission of transformation across customer service,

accounts payable, contract management and training," says Cairns. "Citibank is transforming its people through training. Over 5ooo corporate officers at Citigroup completed and passed a 25-- hour Web-based training program last year," she notes.