First Interstate Bancorp, the $53.5 billion-asset company based in Los Angeles, has joined Commercenet, a consortium whose goal is to create a marketplace in which companies can do business electronically using the Interact. The Internet is a global series of interconnected computer networks.
Commercenet will support all business services that normally depend on paper-based transactions, basically helping banks to conduct business through computer networks. Future services will include specialized directories, vendor certification and credit reporting, network notaries and repositories, broker and referral services, and financial and transportation services. For example, buyers will be able to browse through multimedia catalogs, solicit bids, and place orders. Sellers will respond to bids, schedule production, and coordinate deliveries.
The nonprofit consortium operates under a three-year, $6 million grant from the U.S. Technology Reinvestment Project. Contributions will be matched by the consortium. About 30 members, mostly based in California, 'include computer and technology firms and financial institutions. Other bank members include Bank of America, Citibank, and Wells Fargo.
