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• W285384890 abstract "Like everything else in life, international commerce is speeding up, and for many corporations and people the several days it takes for cross-border payments to make their way along traditional networks is no longer acceptable. As corporations ask for multicurrency liquidity management and investment capabilities, time is of the essence, as well as certainty of payment--the ability to know that everything that is going to come in to you has come in, and then to be able to close your books and invest accordingly, says Charles Mallis, global strategy executive for global payments and treasury services at Chase Manhattan Bank. more you can move to a real-time environment, the better off you are. Ray Mulhern at First Union agrees. If you talk to corporate treasurers you'll hear that it's an imperfect world and they're looking for solutions to their multicurrency needs, says Mulhern, who is vice-president and manager of product management and development for international financial institutions. Corporations want to bank seamlessly in other countries, get timely information, and have predetermined costs and reliable payment delivery times, he says. Consumers are also asking for faster payments. Banks need to be able to allow Louise to send money in dollars from her U.S. account to her Aunt Hilda's bank account in Marbella, Spain, on a real-time basis if she wants to, Mallis says. Along with customers, the central banks in many countries are pushing banks to provide real-time settlement of international transactions to reduce risk. Real-time speed and certainty of payment are not commonly available. SWIFT, the Society for Worldwide Interbank Financial Telecommunication, which handles most cross-border messages between banks in 137 countries, is not equipped to provide on-line payments. Messages can technically pass through the network quickly, but posting by the different banks involved in SWIFT's payment architecture takes several days. SWIFT hasn't provided a technology that incents partner banks to move toward more efficient and timely rules of engagement, says Mallis, who is on SWIFT's board. Enter IBOS The need for faster payments and certainty of payment has caused some banks to form small, nimble alternative payment networks. Some examples in Europe are Relay, Tipa-Net, Eurogiro, and IBOS--the Inter-Bank Online System. Vacationing Britons were the inspiration for IBOS. In 1991, Banco Santander in Spain and the Royal Bank of Scotland realized that many people who lived in the U.K. were travelling to and retiring in Spain. These people wanted to buy vacation and retirement homes in Spain and be able to get their pension pay locally. So the two banks developed a technology platform and hired British Telecom and MCI to build a network that would allow the banks to send funds to and from a customer's Royal Bank of Scotland account to his Banco Santander account in real time, and vice versa, guaranteed. IBOS is the first alternative network to attract U.S. bank participants. In November 1995, Chase Manhattan took a majority stake in IBOS Ltd., London, creator and provider of IBOS technology. (The other majority owners are Banco Santander of Spain, the Royal Bank of Scotland, and EDS. Goldman Sachs has a 3.8% stake.) In February, First Union joined the IBOS Association, a Belgium-based IBOS user group, continuing the membership of First Fidelity, which First Union is acquiring. Both banks plan to use the IBOS network and systems to provide international banking and cash management services. Chase's virtual bank Why did Chase invest in IBOS in the middle of its megamerger with Chemical when the two banks' global payment systems won't be integrated until at least June? We believe in virtual banking, says Mallis. We're not going to be able to distribute our products in other countries via brick and mortar any more. …" @default.
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• W285384890 title "Real Time Comes to International Payments" @default.
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