First Union Corp. became the latest bank to vault into business-to-business electronic commerce with an announcement Wednesday that it will create a division devoted to building an online marketplace for small and midsize companies.

The Charlotte, N.C., banking company has licensed software and services from Intelisys Electronic Commerce Inc., which sells Internet procurement systems so that buyers and sellers can establish Web marketplaces. First Union's corporate customers would use the Intelisys service - scheduled to be up and running this fall - to create electronic storefronts and catalogues.

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