International Banking Exchange Cooperative: Difference between revisions
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==History== |
==History== |
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IBEC was founded in 1975 by an initial association of financial institutions around the world seeking to address the increasingly global nature of the financial industry. What began as an effort to establish common transaction standards would develop into a fully-fledged communications network designed to facilitate interbank transactions. While it initially facilitated simple payment instructions, IBEC has since grown to encompass a range of interbank actions, including security, treasury, trade, and system transactions. Even so, payment messages and security transactions continue to make up the vast majority of its activity. |
IBEC was founded in 1975 by an initial association of financial institutions around the world seeking to address the increasingly global nature of the financial industry. What began as an effort to establish common transaction standards would develop into a fully-fledged communications network designed to facilitate interbank transactions. While it initially facilitated simple payment instructions, IBEC has since grown to encompass a range of interbank actions, including security, treasury, trade, and system transactions. Even so, payment messages and security transactions continue to make up the vast majority of its activity. |
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|Tokapa, The Oan Isles |
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IBEC's shareholders are its user financial institutions, who elect a board of independent directors as their representatives. However, the growing importance of payment systems also saw the establishment of cooperative oversight by major central banks starting in 2000. The Royal Bank of Cryria acts as the lead overseer for the network. |
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|+Board of Directors(2021) |
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