We see a lot of development in eMarkets creation from companies like Ariba and Commerce One that can facilitate the bid and ask processes, catalog management, order processing, etc. But at the end of day when the transaction is consummated, it currently settles the good old fashion way, which is expensive and clunky. One reason the B2B markets haven't taken off is that they exist in a hybrid world that requires you to maintain two sets of business processes, both physical and virtual. Banks clearly have a role to play in paying, clearing and settling. They also can play a role in working with the VeriSigns and others to deal with authentication of the counterparty.
Letters of credit are very cumbersome and expensive.
Clearly that can enhance the B2B markets and the exchanges. It will probably be a two or three year process. But the FI will need to play a role in clearing, settlement, authentication, and potentially in fulfillment, as a significant part of the overall value chain. We are still in the Wild West day of how this emerges. It's too early to even predict who the players are much, much less the winners.