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Whether in the purchase of a house or a signed first-edition Ulysses, there is nothing that will stop a prospective buyer in his tracks faster than a bidding war–that is, unless you are a treasurer looking to buy a service from a bank. While there was always a modicum of healthy competition when a company put out an RFP for banking services, pioneering treasury organizations are setting off a small frenzy within the banking community by moving online to buy products and services via e-auctions. “This is a new phenomenon,” observes Susan Skerritt, a partner of Treasury Strategies Inc. “Only a handful of companies have tried it so far, but if bankers are not shaking in their boots, they should be.”

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