Sausage Banks On St George
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Under the agreement, St George will introduce and market the Open Trade Network (OTN) technology to its business clients and new customers through relationship managers and commercial branches.
The OTN system will facilitate B2B exchange by matching buyers and sellers online in local, national and global transactions in over 3,000 supplier categories.
When a buyer initiates the sale process, relevant sellers automatically receive new buying inquiries without having to search. Seller may then respond to the buyer, sending messages or quotes, establishing a line of communication and negotiation via OTN.
Studley said the deal positions OTN to achieve a "critical mass" of users across a range of industry sectors.
"Just like the B2B market itself, once the key players have signed up, everyone who buys and sells to them are drawn into the network - it becomes difficult to compete from the outside," said Studley.