RealTime IT News

Chase, TradeOut.com Start E-Marketplace

Chase Manhattan Wednesday gave its clients access to an electonic marketplace offered through the bank's co-branding alliance with TradeOut.com.

The alliance gives businesses access to an outlet where they can dispose of excess inventory and assets. Chase, through its newly formed business unit Chase.com, is focused on creating Net-based business models.

The co-branded service promoted through Chase's CMB marketing network leverages Chase's traditional role as a financial advisor to provide additional services to the bank's business clients. Buyers and sellers benefit from the TradeOut.com marketplace. Sellers reduce excess inventory and improve cash flow; buyers gain faster access to inventory and supplies, often at a lower cost than through traditional methods.

Chase is trying to develop a business-to-business portal that, in addition to auctions, will provide access to a full business services, including the purchase of office supplies, logistics, recruiting and other services geared to small-to-mid-sized companies. Chase has previously announced an arrangement with Intelisys Electronic Commerce Inc. to develop an online purchasing community.

"Online auctions are key to our full service business-to-business offering, and we believe TradeOut.com is a best-in-class marketplace for the exchange of excess inventory and idle assets," said Denis O'Leary, head of Chase.com.