Scion, FirstRand's incubation company, is taking its e-marketplace source-to-pay solution to market, offering companies the opportunity to leverage off its technology solutions and client base.
Going to market under the FNB B-2-B solutions banner, Scion has developed two products, BUY-it and BILL-it, enabling online transactions from sourcing to payment.
The e-marketplace uses CommerceOne technology in the procurement phase and also supplies online invoicing and payment options.
Toni Sanders, Scion GM, says two large listed insurance companies, as well as a local buying club that acts on behalf of 53 clients, already use the technology.
JSE-listed FirstRand has a number of autonomous businesses operating under the holding company umbrella and Sanders says these companies have already seen the cost benefits of using the e-marketplace.
Sanders says the online visibility offered means that clients can view and monitor both procurement and payment processes as they occur.
Scion acts as an incubator for products and solutions which management believes will add strategic value to the FirstRand group. Sanders says the structure of the holding group made an e-marketplace a natural choice for investment.
The group already has around 200 suppliers on the system through CommerceOne's Marketsite Africa.
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