New Firm to Market E-Commerce Solutions to Government
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The venture, called Banc of America Purchase Street LLC, will offer Web-based solutions to integrate various shopping and payment functions for the public sector.
Through the new company, state and local governments will be able to place orders online with their preferred suppliers, request a quote from businesses for services, process transactions, initiate payments and reconcile transactions.
Government agencies also will be able to personalize their services to reflect preferred suppliers, contract requirements and other conditions through the browser-based catalog, Purchase Street said.
The H-GAC Cooperative Purchasing program helps more than 1,100 local governments purchase more than $150 million annually in products such as fire apparatus, cars and light trucks, radios, earth moving equipment, heavy trucks and related services.
Under the agreement with H-GAC, Bank of America will provide payment and other financial services as well as related support services. NIC Commerce will provide electronic procurement software, manage catalog content and secure software server hosting services. Financial arrangements were not disclosed.
Bank of America Corp.,
with $656 billion in assets, is the largest commercial
banking company in the United States. NIC Commerce provides e-commerce
solutions for streamlining public sector procurement. It is a wholly owned
subsidiary of NIC (EGOV), an e-government solutions