Magazine article American Banker

Electonic Commerce: Toronto-Dominion Opens Purchasing Site to Clients

Magazine article American Banker

Electonic Commerce: Toronto-Dominion Opens Purchasing Site to Clients

Article excerpt

Toronto-Dominion Bank has opened its electronic marketplace to its corporate customers. The bank says TD Marketsite, which it has used for its own procurement since March, is Canada's first business-to-business e-commerce site. Eighteen of the bank's corporate customers, including Dell Computer Corp., IBM Canada Ltd., EDS Innovations, and Kruger Inc., began using the site last Monday. The site, which connects buyers and sellers of corporate supplies, was built using software from Commerce One of Walnut Creek, Calif. It supports various purchasing models, including auctions and communities of single or multiple industries in which transactions can be negotiated and executed. "Doing this sort of thing is a natural extension of what we do. We are a transaction processing business, and we recognize what our customers need," said Stephen J. Hucal, president and chief executive officer of TD Marketsite. The bank has "seen an opportunity for savings upward of 10%" since it began using the site for its own procurement, Mr. Hucal said. Toronto-Dominion is not the first to recognize that banks can play a role in easing their customers' transition into electronic purchasing. Bank of America Corp., Wells Fargo & Co., First Union Corp., Wachovia Corp., and Chase Manhattan Corp. are building business-to-business sites. Royal Bank of Canada recently announced a joint venture with Mediagrif Technologies of Toronto to do so. Toronto-Dominion is marketing the site initially to its corporate clients and will start aggressively targeting Canadian businesses outside its customer base in the next several months. …

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