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Zuora,  a new online billing and payments management startup, is using the power of cloud computing to launch a new product dubbed, Z-commerce.

The Z-commerce suite will contain Z-Billing, enabling you to automate the billing process; Z-Payments, enabling you to integrate your services with PayPal to handle the actual payments; and Z-Force a billing and payment system that integrates withSalesforce.com.

Zuora has also released its (APIs) to let developers integrate into any web site; a full web store using the concept of Software as a service, powered by the Z-commerce suite.

Zuora has raised a total of $21.5 million for its cloud computing platform.

Definitely a good start to focus cloud computing on the concept of banking and the financial sector.