Financial Exchange Services Ltd Announces its First Private Label Partner

Bank One has given firm commitment to become the first private label partner of the newly formed Burns / Royal Bank of Canada joint venture company Financial Exchange Services Ltd. Bank One will use the service to facilitate the straight through processing of ACH payments using a combination of SWIFT, EDIFACT, ANSI and other message formats. The first phase will provide delivery into the ACH systems of North America and Europe using the IBOS consortium of banks of which Bank One is a member. Future phases will build on this platform, extending coverage to other countries to provide a Global solution.

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