Citibank has launched a business-to-business electronic commerce service incorporating settlement and reconciliation processes.
The service - Citibank Commerce - enables the bank's business customers to market and sell their products over the Internet.
For a fee, customers can have software installed to provide them with access to a single interface that manages the entire transaction process.
Business customers will also be able to order products, monitor order status and complete settlement and reconciliation processes through the system.
Jorge Bermudez, Citibank executive vice-president of global cash management and trade, said the system offered lower transaction costs and easier order processing.
'If companies do not refocus they will find it very difficult to compete. Within two years someone will be challenging aspects of your business through the Internet,' he said.