Brief: Banesto and Iber-X in settlement exchange - WSJ

Brief: Banesto and Iber-X in settlement exchange - WSJ

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.

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