The venture, called Banc of America Purchase Street, LLC, is the first web-based solution to integrate various shopping and payment functions for the public sector. Through the new company, state and local governments will be able to place orders online with their preferred suppliers, request a quote from businesses for services, process transactions, initiate payments and reconcile transactions.
Customers access and automate the procurement process through a secure Internet connection.
Government agencies are also able to personalize their services to reflect preferred suppliers, contract requirements and other conditions through the browser-based catalog. H-GAC researches and prepares specifications, solicits and evaluates bids and proposals and recommends contract awards to their board of directors, which is composed of 33 local elected officials. Under the agreement with H-GAC, Bank of America will provide payment and other financial services as well as related support services. NIC Commerce will provide electronic procurement software, manage catalog content and secure software server hosting services. This innovative solution includes a transaction-based business model that combines the features, functionality and imbedded business rules from our software along with our experience working with the supplier community.