Mastercard has teamed up with Netscape-GEIS venture Actra and a raft of banks and corporations to address secure Internet trading.
The consortium will pilot an order management and purchasing system called Actra Order Expert, which it hopes to push as a standard. This will be targeted at large firms and their suppliers and will initially work with the Mastercard corporate purchasing card, an electronic payment method that offers in-depth reporting.
Among the 15 companies taking part in the pilot are Bank of America, Citibank, First Chicago NBD, GE Capital Financial, General Motors, Hoffman-la-Roche, Hughes Aircraft and NBC.
Senior VP at Mastercard Steve Abrams said:'This effort will forge the future of the purchasing card. It will bring together the Mastercard payment infrastructure, EDI accommodation and multimedia capability for electronic catalogues on a distributed network like the Net.'
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