Citibank puts money in C1 Middle East
Citibank has invested an undisclosed sum in Commerce One Middle East; C1ME will help Citibank tackle its B2B needs through the use of Commerce One’s technology.
Citibank has invested an undisclosed sum in Commerce One Middle East. A statement says that going forward C1ME will help Citibank tackle its B2B needs through the use of Commerce One’s e-commerce and e-procurement technology.
"One of the critical success factors for B2B exchanges is an integrated logistics and financial services payment gateway that moves value from one end of the supply chain to the other. The Middle East region continues to suffer from a lack of user friendly B2B payment gateways, " said Sankar Krishnan, Citibank's vice president and regional e-business head.
“Citibank is delighted to extend their global alliance with Commerce One to the Middle East markets, and act as the preferred financial services provider to C1ME’s exchanges in the region using Citiconnect, the B2B payment gateway from Citibank,” continued Krishnan.
Commerce One develops software used in the operation of business to business (B2B) marketplaces, also known as e-marketplaces.
B2B marketplaces allow buyers and sellers to carry out business transactions online. The regional office of C1 plans to create eight such marketplaces, known as ‘MarketSites’, around the Middle East.
“Our intent with this investment from Citibank is to deliver on our vision to lead this market and realise our growth potential while we continue to build momentum with key customers and partners,” said David Brown, CEO of C1ME Limited.