American Express launches B2B transaction service

NEWS American Express has stepped up its efforts to be the market leader in managing business-to-business (B2B) electronic transactions. The company has joined forces with B2B marketplace developer Ventro to launch a venture that will establish a route to suppliers for companies looking to purchase business services, computers and office supplies. The new company, named MarketMile, will use the American Express B2B Commerce Network, which offers a choice of online payment methods and Ventro's marketplace software and services. It will operate on Ariba technology. American Express will have a 65 per cent stake in the venture with Ventro holding the remaining shares, although further participants and service providers will be encouraged to join.