New firm offers full e-purchasing platform

A leading electronic procurement company and a government procurement bank

have joined to offer complete e-purchasing solutions for state and local

governments.

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

functions.

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

said.

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.

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