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Citibank Unveils E-Commerce Suite

Citibank said it is preparing for growth in the e-commerce industry with the introduction today of "e-Citi commerce solutions," a new suite of electronic products and services for its customers.

Citibank said the move is primarily aimed at giving customers the capability to present and pay bills electronically.

The news comes on the heels of a related announcement today in which the company said it is taking a significant equity interest in TransPoint, the joint electronic payment venture of Microsoft Corp. and First Data Corp.

"e-Citi commerce solutions will create a spectrum of products and services that ride on global digital platforms and support the development and launch of business engines in order to drive the expansion of e-commerce," said Ed Horowitz, corporate executive vice president at Citibank.

"Electronic bill presentment and payment on the Internet will substantially improve the way bills are presented and paid today," added Horowitz. "Customers are increasingly banking through electronic channels, and Citibank is actively creating new products and services which reflect this new mode. Our partnership with TransPoint will accelerate our ability to provide a robust end-to-end solution to launch Internet-based bill presentment and payment."