e-Auction Global Trading Inc. (Nasdaq OTC BB: EAUC), the parent company of Aucxis Corp., a provider of real-time trading and financial technologies for e-Marketplaces, today announced the launch of the Aucxis Real-Time Commerce Platform v1.0. The suite of integrated products increases liquidity in electronic marketplaces by eliminating payment risk between business-to-business online trading partners.
The Real-Time Commerce Platform includes: the Aucxis eFinance Hub, Aucxis Trading Technology, Aucxis Mobile Gateway, and Aucxis Integration Studio. At the core of the platform is the eFinance Hub and specifically the Collateral Management Module, which was developed in conjunction with ABN AMRO N.V., Europe’s fifth largest bank and a leader in e-commerce services. The Collateral Management Module is a real-time credit reservation system that links ‘digital procurement tokens,’ in effect a digital payment guarantee, to marketplace transactions by securing a reservation against a financial instrument such as cash, lines of credit, bank guarantees, letters of credit and other forms of generally accepted credit including goodwill.
Addressing a major concern in business-to-business e-commerce, this method of facilitating any real-time transaction ensures that no financial risk is assumed by any of the parties involved in a marketplace. The Collateral Management Module, for which Aucxis has received patent pending status, will increase the purchasing power for buyers while guaranteeing payment for sellers within online marketplaces.
“The introduction of the Aucxis Real-Time Commerce Platform, particularly the Aucxis eFinance Hub, represents a major milestone for our company,” said Dan McKenzie, President and CEO, Aucxis. “We believe we are addressing a fundamental problem facing business-to-business online trades – a lack of trust between buyers and sellers who do not have an existing relationship. Marketplaces that conduct trade utilizing a ‘many-to-many’ sales model require a trusted form of completing transactions. The Collateral Management Module will remove payment risk in online transactions by ensuring a financially guaranteed buyer to the marketplace.”
Today, electronic marketplaces rely on inefficient off-line processes to facilitate and complete the financial component of transactions. With the Aucxis eFinance Hub, both private and public marketplaces will be able to validate an individual transaction in less than 100 milliseconds, ensuring that submitted bids are financially secured and guaranteed by utilizing information from related financial institutions. This ability to provide real-time intelligence to the marketplace will facilitate the beginning of the commerce cycle rather than being an afterthought of the transaction.
“Financial services are often a secondary or non-existent component of many E-Markets which still utilize offline systems to arrange financing, credit, and transaction settlement,” said Kip Martin, Senior Program Director with Meta Group. “E-Markets will be increasingly looking to service providers to provide these financial services in order to further create incentives for participants to conduct business through their marketplace.”
The eFinance Hub can be accessed from either a Web browser or a WAP-enabled device via the Aucxis Mobile Gateway and integrated with existing e-commerce platforms utilizing the Aucxis Integration Studio. Any marketplace that requires financially guaranteed bids or utilizes the goodwill of a trading community to conduct online trades could utilize the Aucxis Platform.
The initial market for the Real-Time Commerce Platform will be Aucxis’ large customer base of perishable commodities marketplaces. Through its subsidiary Aucxis Trading Solutions, formerly Schelfhout Computer Systemen NV and Nieaf Systems bv, Aucxis has installed its Trading Technology in more than 150 marketplaces worldwide, facilitating more than 125,000 transactions per hour.
Aucxis is currently in pilot trials with the Commerce Platform including the eFinance Hub at a marketplace in the Netherlands that generates over US$340 million annually in trading volume. The installation at Efice BV, a consortium of seven fish auctions, will provide buyers the ability to purchase products from more than one auction in the network while eliminating the need to provide a separate bank guarantee for each auction.
“Aucxis has provided EFICE with the technology and financial services we need to create a more efficient marketplace,” said Riekelt Kramer, Managing Director of EFICE BV. “The Aucxis financial services platform provides tangible value to both buyers and auctions associated with EFICE.”
Aucxis is a provider of real-time trading and financial technologies for e-Marketplaces. The company has an established customer base of over 150 markets within the perishable commodities industry, facilitating more than 125,000 transactions per hour. Together with a strong network of financial and technology partners, Aucxis has developed a financial trading platform for the allocation and management of financial collateral for real-time trading. Aucxis intends to utilize this platform to introduce additional financial services products such as foreign exchange, credit insurance, credit financing and settlement services. Aucxis is headquartered in Toronto, Canada and has operations in North America, Europe and Australia. The Company’s parent, e-Auction Global Trading Inc., trades on the NASDAQ OTC: BB under the symbol, EAUC. For more information visit www.aucxis.com.