PracticePeople In PracticeInstitutions urged to help set up online marketplaces

Institutions urged to help set up online marketplaces

UK banks and financial institutions were urged today at a top level e-business conference in London to use their clout to set-up online marketplaces and help business slash purchase costs.

Senior executives from across the e-business industry, including Cap Gemini Ernst & Young and the Oracle Corporation, said that business-to-business internet exchanges could drive profit for both the financial sector and its business customers.

The business-to-business call came as Britain’s £6.5bn electricity market today started its first online trading with the launch of the UK Power Exchange or UKPX in London.

Exchange portals – also known as horizontal exchanges – offer companies with otherwise disparate purchasing systems a common trading site and a supply chain streamlined via the internet.

Vice president Roger Camrass of Cap Gemini Ernst & Young said: ‘Financial organisations are ideally placed to take advantage of the rise of horizontal exchanges’.

He argued that financial sector organisations should use internet-based exchanges as a further service to customers spanning across industry.

‘These relationships can become the potential customer base for exchanges, regardless of what the customers core competency is,’ he added.

Cap Gemini Ernst & Young

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