ABN AMRO Bank and bex.com to Provide Global Payment Services for Business-To-Business E-Commerce

A host of Internet-based payment services will be provided, by ABN AMRO Bank, to companies buying and selling on any of the global business exchanges set up by bex.com. bex.com has already established two such exchanges — IBEX for Southeast Asia (in collaboration with DBS Bank of Singapore) and UBEX for Greater China (together with Ho Yeh Investment Co. Ltd, a member of the Koos Group in Taiwan). Last month, IBEX and UBEX were linked together to provide seamless trading between companies in the two regions. More such exchanges are being set up for the Americas (ABEX), Europe (EBEX) and Japan (JBEX) this year and they will be linked to form a global e-commerce network offering a complete and secure trading environment. Companies which perform procurement and other business transactions on a global scale, can effect centralised payments through ABN AMRO Bank for transactions made at any of these business exchanges. Companies can choose to make payments using a wide range of instruments, including account to account transfers, letters of credit and telegraphic transfers.