CCHA, EDS to Deliver Intranet-Based E-Commerce Solutions
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Chicago Clearing House Association (CCHA), which provides check clearing and settlement services totaling more than $2 billion daily, and Texas-based EDS signed an agreement to provide a line of secure, intranet-based electronic commerce services.
The companies said the new services will enable the more than six million small and mid-size businesses and companies in the United States to implement electronic payment and procurement processing systems, moving away from paper-based methods. Financial details were not disclosed.
The new electronic commerce service allows businesses to transmit payment and remittance information electronically and exchange key documents, such as purchase orders, invoices and requests for bids, with their commerce partners. Participants can also display their catalogs and use electronic bulletin board and mail facilities.
"This joint project between two leaders in electronic commerce, CCHA and EDS, marks a milestone in efforts to streamline business and payment processes," said Robert M. Fitzgerald, CCHA president.
The new services are an expansion of the electronic data interchange services currently provided by the Electronic Data Interchange Bank Alliance Network Exchange (EDIBANX), a division of CCHA.
The EDIBANX network was launched in 1994 and is owned and operated by CCHA. It was developed by major U.S. treasury management banks in the Chicago area, including American National Bank & Trust Company of Chicago, Bank of America, First Chicago NBD Corp., Harris Trust and Savings Bank, LaSalle National Bank, NationsBank, The Northern Trust Co. and PNC Bank.