It has two components: SpeedCollect 2000, a cash management platform and Citicommerce, a seller-centric e-commerce solution that links companies to their dealer network.

"We can strategically align our Web-enabled products and services with the e-business needs of our customers: online information, financial settlements and reconciliation," said Sujit Banerji, managing director of Citibank's Global Corporate & Investment Bank Division.

SpeedCollect 2000 is an extension of the bank's cash management product, which can now be accessed by customers through a regular Internet browser, allowing customers to view and download account statements and cash management reports.

CitiCommerce - Citibank's global B2B e-commerce platform - provides customers with a single window interface for their entire distribution network.

This interface provides the functionality of product cataloguing, online order processing & invoicing and complete settlement & reconciliation.

Sujit said that Citicommerce was developed with the philosophy that businesses need to grow sales but also optimize their costs. "IT reduces their end-to-end management and transaction admin costs by as much as 75 percent," he added.

According to Amol Gupte of Global Transactional Services, Citibank is the only bank providing complete control over their distribution process spanning the country.

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