Cynomix in online marketplace collaboration

Deutsche Bank and Cynomix Corporation, an e-fulfillment company, have signed a Memorandum of Understanding to provide payment solutions for business-to-business electronic marketplaces. The pair expects that by 2003, $1.3 billion in transactions will be processed via the collaborative settlement scheme.

Cynomix, through its platform eTrade Lifeline, will receive billing information from fulfillment participants such as freight forwarding companies, and insurance companies, and will pass the information on to Deutsche Bank. The bank will electronically present the information, which can be accessed by the debtor via a browser-based application. The debtor will verify and authorize the bill or bills to be paid using the Identrus digital certification scheme, and Deutsche Bank will receive the payment from the debtor's bank and remit the funds to the biller's bank for settlement. This electronic bills payment and presentment scheme, db-eBills, was launched earlier this year in Asia, following a pilot with the Cargo Community Network in Singapore.