WASHINGTON and SAN FRANCISCO, Oct. 19 /PRNewswire/ -- TechTrader, a technology innovator for direct materials, B2B e-marketplaces, and BankServ, an Internet payment services provider, announced that TechTrader will integrate BankServ's full suite of Internet payment services into its flagship e-marketplace solution, SmarTT Engine (Scenario Market Transformation Technology) by mid-November 2000.
TechTrader will provide one of the first deployments of straight-through Internet payment options available in direct materials e-marketplaces today. Direct materials trade accounts for nearly 80 percent of B2B purchases, according to research analysts at Morgan Stanley Dean Witter.
While Internet payment options have been available in certain indirect marketplaces, the technology has not been widely used in direct materials trade until now. Internet payment options eliminate the final "paper" stage of e-procurement, including the sending of a check or purchase order, or the cumbersome processing of large-volume credit payments.
"Payment services is a critical component of transaction processing for these direct materials marketplaces," said Jacob Pechenik, president and CEO of TechTrader. "BankServ has configured a proven solution to provide flexible services with the ability to move monies anywhere in the financial system. With their solution integrated into our SMarTT(TM) Engine, we are able to offer our clients a robust payment services package to meet marketplace needs today."
"Time to market is enormously important," said Dave Kvederis, president and CEO of BankServ. "TechTrader's open, Java-based architecture allows swift construction of e-commerce markets. Because of this architecture, the BankServ payment suite will be integrated faster into the TechTrader e-marketplaces than in any others we've done-which gives these e-marketplaces a real competitive advantage. TechTrader's design philosophy fits perfectly with BankServ's goal of creating a flexible suite of payment services for any type of online B2B commerce."
BankServ's Internet payment suite includes real-time, secure, online check processing and automated clearinghouse (ACH) based funds transfers, purchasing and credit card processing, domestic and international wire transfers, invoice management systems, and reporting and settlement services. The company's Internet check and wire transfer services are built on the backbones of BankServ's secure proprietary ACH and Fedwire processing systems. Security and verification services are provided through BankServ's own database management systems and through partnerships with Thomson Financial Publishing and Experian. Digital certification is provided through BankServ's own proprietary software.