Citigroup Inc., Wells Fargo & Co., i2 Technologies Inc., S1 Corp., and Enron Broadband Services have formed FinancialSettlementMatrix.com, a joint venture designed to streamline payments between businesses over the Internet. Financial terms were not disclosed.
In a statement the company claimed that FinancialSettlementMatrix.com will provide a trustworthy infrastructure to power business-to-business marketplaces, and cited Forrester Research data asserting that BtoB e-commerce will make up 53% of the projected $2.7 trillion Web business by 2004.
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