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Online business-to-business trading has been around for a couple of years now, but there has yet to be a system that fully closes the online payment loop.
IBM announced a relationship Thursday with eOne Global LP that should go a step toward helping e-marketplace participants, businesses, financial services providers and government agencies make the switch from paper-based payment processing to online transactions.
Currently, most businesses do not make online payments to complete their accounts payable and accounts receivable transactions; instead they manually reconcile payments and related data, according to officials from IBM and eOne Global. IBM and two eOne Global subsidiaries that provide online payment technologies, SurePay LP and govOne Solutions LP, will jointly deliver electronic payment products and services to customers, according to officials from the three companies. Together the companies will provide an e-payment infrastructure of services, software and hardware.
SurePay, which was introduced last year, has a new product developed with First Datas IPS division that allows for consolidated reporting and remittance information on all payments to buyers and suppliers.
Currently, govOne moves more than 40 million payments annually valued at $1 trillion, according to company officials.
IBM, of Armonk, N.Y., will market and sell SurePays business payment services to B2B e-marketplaces, financial institutions and merchants, and govOnes services to the financial and government sectors.
SurePay and govOne will offer integration services provided by IBM Global Services. Theyll also use IBMs technology to deliver the services.
The alliance is structured to further drive payment processes into those e-marketplaces, businesses, financial institutions and governmental agencies that have a need for integrated electronic payment capabilities.