International Banking Exchange Cooperative
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 Logo of the IBEC | |
 Headquarters of the IBEC | |
| Type | Limited liability cooperative |
|---|---|
| Industry | Telecommunications |
| Headquarters | Leidenstad , |
Area served | Worldwide |
Key people |
|
| 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 the Chairman of its Board of Directors 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. 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.
| Institution Name | Country |
|---|---|
| National Bank of Cryria | Kingdom of Cryria |
| Standard National Bank | The Oan Isles |
| Oan Industrial and Commercial Bank | The Oan Isles |
| Okros Bank | Tivot |
| Ekérle Moqanléka Bánko | New Leganes |
| Volkia Union Bank | Volkia |
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.
| Location | Type | Notes |
|---|---|---|
| Leidenstad, Cryria | Headquarters | |
| Lielsta, Cryria | Data Center | |
| Tokapa, The Oan Isles | Data Center | |
| Asilica City, Asilica | Offices | In the process of moving to Sugen following the 2021 City of Asilica Terrorist Attack |
| Clifport, Draeset | Offices |
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 in the form of the IBEC Oversight Committee. The Royal Bank of Cryria acts as the lead overseer for the network and provides monitoring on an ongoing basis. Day-to-day operations are conducted by full-time employees headed by IBEC's CEO.
| Name | Institution | Country |
|---|---|---|
| Allan Holmlund | National Bank of Cryria | Kingdom of Cryria |
| Institution | Country |
|---|---|
| Royal Bank of Cryria | Kingdom of Cryria |
| Imperial Vistari Mint and Banking Service | Vistaraland |
| Royal Andoran Reserve | Casilló y Réal |
| The Bank of the Federation | Federation of Bana |
Criticisms
Cylinder Urth Conspiracy
IBEC's logo has been extensively referenced by conspiracy theorists as evidence for the Urth's cylindrical nature. IBEC has frequently declined to comment on this.