Deutsche Bank, at the vanguard of what appears to be a second wave of banks offering electronic bill payment and presentment to corporate clients, is seeking to trump its competition by building an elaborate multicurrency, multilingual payment system.

The Frankfurt banking company says its agreement with iPlanet E-Commerce Solutions, an alliance of Sun Microsystems Inc. and America Online Inc., will expand in a big way on a much simpler business-to-business billing service the bank has operated successfully in Asia since July. Deutsche is iPlanet’s first customer for business-to-business billing, though the company has worked with several banking companies, including Citigroup Inc., on business-to-consumer applications of electronic billing.

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