Ex National Party senator Bill O'Chee has joined the list of former politicians starting dotcom companies with the launch of B2G.com (business to government).
The company expects to process 1.5 per cent of the federal government's $120 billion yearly transactions.
O'Chee claims his e-commerce business venture can process electronic business transactions more effectively than the government's traditional banking methods.
The deal will make B2G.com Australia's biggest payment gateway after the banks and Telstra, processing $4 billion in government transactions over the next 12 months.
O'Chee said his company, which has an unnamed offshore bank, will employ 500 people when the project begins next month.
Earlier this year B2G took a 55 per cent equity stake in Auscript, the former Commonwealth Court Reporting Service which was privatised in 1998.
Auscript provides integrated court reporting and operational services and O'Chee said B2G will inject the technology necessary to leverage Auscript into the e-commerce sector, providing online services to the court and legal markets.