FleetBoston Financial is to provide agent bank services to users of the Miradiant online accounts payable/accounts receivable information exchange and settlement network.
In return, Fleet is to provide Miradiant's Web-enabled financial settlement capabilities to its corporate clients and online marketplaces.
Through Miradiant, companies and business-to-business (B2B) marketplaces are able to exchange and resolve invoice settlement details between trading partners.
"This alliance opens a new channel for our corporate clients to complete their financial transactions online," says Ken Deveaux, senior vice president and director of B2B e-commerce for Fleet global services. "We think this alliance reflects our commitment to providing liquidity to electronic marketplaces, and to supporting our corporate clients in the online world."
Fleet has developed a B2B e-commerce product, Settlement Agent, to support invoicing, negotiation, and settlement of transactions for companies and marketplaces transacting business on the Internet. The system sets up a Fleet holding account for payments processing while facilitating the collection of exchange commissions and fees.