International Banking Exchange Cooperative: Difference between revisions

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.