Brief: Banesto and Iber-X in settlement exchange - WSJ
07 November 2000 | 657 views | 0
The Wall Street Journal is reporting that Spain's Banco Espanol de Credito (Banesto) and bandwidth-exchange company Iber-X have developed a new settlement system for online financial transactions.
The Banesto B2Bnet system will be implemented at Iber-X to automate transactions over the exchange, reports the paper, charging the buyer and crediting the seller, while simultaneously liquidating Iber-X's marketplace commission.
The system is expected to become operational in the near future, the paper states.