Two More Financial Institutions Join Identrus, Expanding Business-to-Business Internet Commerce Network.NEW YORK--(BUSINESS WIRE)--Sept. 13, 1999-- Industrial Bank of Japan and the NatWest Group broaden reach of global trust infrastructure Identrus, the world's leading provider of identity trust for worldwide business-to-business Internet commerce, today announced that two more equity investors are in advanced negotiations to join its internetwork of trust. Subject to regulatory clearance and final investment approvals, the Industrial Bank of Japan and the NatWest Group will join as owners in the company. The two new financial institutions will bring the number of global financial institutions that have joined Identrus as equity investors to 11. Identrus members now represent more than 50 countries and more than 7 million business relationships. The new members will join the founders - ABN AMRO ABN AMRO Algemene Bank Nederland-Amsterdam Roterdam Bank (Dutch bank) , Bank of America
Bank of America (NYSE: BAC TYO: 8648 ) is the largest commercial bank in the United States in terms of deposits, and the largest company of its kind in the world. , Barclays Bank, Chase Manhattan, Citigroup, Deutsche Bank Deutsche Bank AG (IPA: /'dɔɪ.tʃə/[1]) (ISIN: DE0005140008, NYSE: DB) (English: German Bank (including its recent acquisition Bankers Trust The Bankers Trust is a historic American banking organisation that was acquired by Deutsche Bank in 1998. It was originally set up when banks could not perform trust company services. , which was also a founder) and Hypo Vereinsbank - plus second-wave investors Canadian Imperial Bank of Commerce The Canadian Imperial Bank of Commerce TSX: CM NYSE: CM, better known to most customers as CIBC, is one of Canada's major banks. CIBC is classified as a Domestic Chartered Bank (Schedule I). (CIBC CIBC Canadian Imperial Bank of Commerce CIBC Centres Interinstitutionnels de Bilan de Compétences CIBC Commonwealth Institute of Biological Control (Trinidad) CIBC Commercial International Brokerage Company ) and Sanwa Bank, which joined in April. The two new Identrus members said they are joining Identrus to bring the enormous opportunities of business-to-business Internet commerce to their corporate customers. "We see the Identrus infrastructure becoming one of the key components of future e-commerce transactions, and joining gives us the opportunity to position ourselves among leading providers of such services within our country," said the Industrial Bank of Japan's Yutaka Iwasaki, senior manager of the network business promotion department. "Identrus offers a strong, highly scalable solution because of the participation of financial institutions worldwide, so we concluded that Identrus is the best choice for us." Andy Ross Andy Ross (born March 8, 1979), is currently the guitarist, keyboardist, and vocalist for the American rock band OK Go and is also co-founder of Serious Business Records. Biography Ross was born and raised in Worcester, Massachusetts. , Director of Electronic Strategy, NatWest said: "Identrus represents the first and most advanced global opportunity to foster the adoption of trusted business-to-business e-commerce. We have one of the largest and strongest electronic banking franchises in Europe and joining Identrus will enable us to use the Internet to deliver new and enhanced e-commerce opportunities for customers." Like any communications system In telecommunication, a communications system is a collection of individual communications networks, transmission systems, relay stations, tributary stations, and data terminal equipment (DTE) usually capable of interconnection and interoperation to form an integrated whole. , Identrus' value increases as its membership does. "Identrus is much more than the sum of our parts," said Identrus President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Guy S. Tallent. "Each new participant dramatically enhances our value to trading partners around the world who are eager to carry out a full range of business-to-business commerce activities on the Internet." Even more financial institutions to join Identrus Identrus held its second participants forum for financial institutions over the summer and provided 15 prospective members with a comprehensive overview of Identrus and its benefits. More than 20 financial institutions are now in active dialogue with Identrus about joining. Identrus plans an eventual network of hundreds of financial institutions around the globe sponsoring thousands of businesses certified for business-to-business Internet commerce. Also this summer, Identrus held its first technology workshop. Geared toward information technology employees of financial institutions interested in joining, the workshop covered details of Identrus technology. Identrus is dedicated to creating a worldwide network of trusted financial institutions to remove the final obstacle to business-to-business e-commerce: trust in trading partner's identities. Its founding financial institutions formed a limited liability company in April to enable trading partners around the world, sponsored by their financial institutions, to conclusively identify one another over the Internet. Identrus' technology, buttressed by binding contracts and the risk-management experience of global financial institutions, will enable companies to use the Internet to open new markets, reduce transaction costs Transaction Costs Costs incurred when buying or selling securities. These include brokers' commissions and spreads (the difference between the price the dealer paid for a security and the price they can sell it). and create unassailable records of their transactions. These capabilities will form the foundation of a broad array of business-to-business applications, not just financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. . About The Industrial Bank of Japan, Limited (IBJ IBJ Industrial Bank of Japan, Ltd. IBJ Illinois Business Journal IBJ International Brotherhood of Jones ) The Industrial Bank of Japan, Limited has long been known as the bank for the industries since its foundation in 1902 and is one of Japan's most prestigious and well-capitalized banks. IBJ has a strong international presence in both investment and corporate banking and currently has 27 domestic offices and 21 overseas. Most recently, IBJ, along with Fuji Bank and Dai-Ichi Kangyo Bank The Dai-Ichi Kangyo Bank, Limited (株式会社第一勧業銀行 , announced an agreement to consolidate the three banks under a holding company. The new consolidated group has over YEN140 trillion in assets and as such is now the largest bank in the world. For more information please visit http://www.ibjbank.co.jp About the NatWest Group NatWest Group is a primarily UK- and Irish-based financial services group that provides a broad spectrum of financial services to customers ranging from individuals and small businesses to multi-national companies. NatWest Group was formed in 1968 when the National Provincial Bank This article is about the historical banking company National Provincial Bank. For the present-day bank, see NatWest. This article is about the National Provincial Bank. , along with its subsidiary District Bank and the Westminster Bank, agreed to merge. National Westminster Bank commenced trading on Jan. 1, 1970. NatWest traces its roots back to the 17th century through the amalgamation of nearly 200 private and joint stock banks JOINT STOCK BANKS. In England they are a species of quasi corporations, or companies regulated by deeds of settlement; and, in this respect, the stand in the same situation as other unincorporated bodies. . For more information, please visit www.natwest.com About Identrus Identrus, announced in April 1999, for the first time enables businesses to manage their business-to-business e-commerce risks through a trusted relationship with their financial institution. Identrus also enables corporate trading partners to eliminate the time, cost and complexity of building trust relationships with counterparts around the world. Identrus' legal and technical infrastructure is based on a set of uniform system rules, contracts and business practices for comprehensive trust and risk management. The infrastructure is open to financial institutions, their corporate customers and security vendors around the world. For more information, please visit www.identrus.com |
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