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Chemicals e-marketplace incorporates online transactions settlement features

Melville, NY  October 9, 2001 is integrating online payment services from SurePay into its e-marketplace for chemicals, plastics, feedstocks and fuel products.

CheMatch operates an auction market that allows members to buy and sell a variety of commodities online, and SurePay will provide a secure payments solution to complete and settle those transactions.

The SurePay suite of payments services that CheMatch will employ includes registration, multiple secure payments processing options, settlement and customizable reporting for CheMatch's trading members.

"CheMatch is pleased to offer the SurePay payment network to our members who are committed to finding new and more efficient ways to do business through e-commerce," said Roberta Kowalishin, senior vice president for technology ventures at CheMatch.

Beyond facilitating payment and settlement between parties, SurePay will manage and share the financial data of each transaction  data such as date/amount payment sent, product shipped, product received and payment received  for CheMatch's members.

SurePay says the customizable reporting of each transaction as it moves through the members' respective materials supply chain, as well as their financial supply chain, can improve their risk management processes, increase financial liquidity, improve speed and accuracy of transaction execution and optimize back office processes.

Larry Martinez, SurePay's vice president of sales and professional services, said, "A key deliverable completing the B2B procurement cycle is customizable reporting of payment data which, when driven through a company's financial supply chain, can allow a company to reduce processing costs improving cash flow and profit margin."

e-Marketplaces have been under pressure for some time to offer a greater range of services to draw in and retain buyers and sellers. In June, CheMatch rival ChemConnect merged with Envera, a chemical industry sponsored online marketplace, in a move that analysts said would create both a more full-service trading platform and pressure on other e-markets to extend their service offerings.

SurePay CEO Stephen Flett said in a statement that online transaction settlement is a priority e-commerce investment as companies look to use technology to improve processes and cut costs. "SurePay's ... payment solution addresses current economic concerns to drive operating costs down by enabling the settlement details from online transactions to be shared and managed throughout an organization and across its trading partner's organization," Flett said.