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BankAm, Ariba in B2B alliance
REUTERS
Charlotte, April 5: Bank of America Corp and electronic commerce company Ariba Inc on Tuesday said they formed an alliance to create an Internet-based Financial services marketplace for business customers. Bank of America will use Ariba technology in creating Bank of America Marketplace LLC, a new company that will start up and run the business-to-business marketplace for the bank's two million business customers. Ariba, based in Mountain View, Califernia, and Bank of America will share transaction-based revenues from the alliance.Ariba also said on Tuesday it expects second-quarter revenue to beat expectations because of better-than expected demand for its business-to-business software and services. Online commerce between companies, rather than between businesses and individual consumers, is widely expected to boom as small businesses use the Internet to make purchases from suppliers, cut costs and manage inventory. Copyright © 2000 Indian Express Newspapers (Bombay) Ltd.
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