International Banking Exchange Cooperative

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International Banking Exchange Cooperative

Logo of the IBEC
Headquarters of the IBEC
Type	Limited liability cooperative
Industry	Telecommunications
Headquarters	Leidenstad , Cryria
Area served	Worldwide
Key people	Milla Quist (CEO) ??? (Chairman)
Products	Financial Telecommunication
Number of employees	> 3,000 (2021)

The International Banking Exchange Cooperative (IBEC), is a Cryria-based member-owned cooperative that acts as a safe and secure intermediary through which member-institutions can conduct financial transactions. The IBEC also sells an array of ancillary financial software and services for use on its proprietary communications network, and hosts a variety of conferences for the financial services industry. IBEC is wholly owned by the financial institutions it provides services to. The Cooperative's current CEO is Milla Quist of Cryria, and its Chairman is <TBD> of <TBD>.

IBEC essentially works as a messaging system for interbank financial transactions. It does not actually hold funds or accounts on its own.

History

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.

Founding Institutions

Institution Name	Country
National Bank of Cryria	Kingdom of Cryria
Standard National Bank	The Oan Isles
Oan Industrial and Commercial Bank	The Oan Isles

Operation

The cooperative is headquartered on the outskirts of Leidenstad, where its building has regularly been criticized as one of the ugliest in the city. The IBEC also maintains subordinate offices around the world to handle its affairs on a local level. IBEC's secure messaging network is run from a number of data centers that share information in near real-time. The system is designed to ensure that even in the event of a failure, there will always be other data centers which can handle the traffic of the full network. A system of submarine cables is used to transmit IBEC's data.

Offices and Outposts

Location	Type
Leidenstad, Cryria	Headquarters
Lielsta, Cryria	Data Center
Tokapa, The Oan Isles	Data Center