New firm offers full e-purchasing platform
- By Daniel Keegan
- May 08, 2000
A leading electronic procurement company and a government procurement bank
have joined to offer complete e-purchasing solutions for state and local
Bank of America Corp. and NIC Commerce formed Banc of America Purchase Street
LLC. It will offer state and local governments an e-purchasing site that
allows people to make purchases online and then have the bank conduct processing
David Fishman, NIC Commerce's vice president of marketing, said this company
is different from other World Wide Web-based systems because it handles
the entire process from purchasing to processing and reports.
"It reduces costs for state and local governments and creates an easier
and more efficient buying process," Fishman said.
In the partnership, Bank of America provides payment and other financial
services as well as marketing, customer and vendor support, and training.
NIC Commerce provides the e-procurement software, hosting services and other
related online services. Because Bank of America already issues state purchase
cards to more than 25 percent of the states, the new company will be able
to work with government agencies to create the e-purchasing site, Fishman
The site would be tailored to each agency, including any specific rules
such as preferred vendors and the number of bids necessary. The company
or individual agency would host the site, Fishman said.
The newly formed Banc of America recently won a contract to provide an e-procurement
site for the Houston Galveston Area Council e-Commerce System.