LAWRENCEVILLE, N.J. -- First Fidelity Bancorp. became the first U.S. banking company to join Interbank OnLine System Ltd., an international technology alliance known as IBOS.
The IBOS technology permits customers to move funds instantaneously among banks around the world, with currency conversions done automatically. First Fidelity will help IBOS banks support corporations' international banking needs in North America.
The system can also be used to get electronic balance-and-transaction information, order payments and account transfers, and place standing orders to transfer funds between countries.
The international banking utility is one-third owned by Electronic Data Systems Corp. of Plano, Tex. Its two founders were Royal Bank of Scotland and Banco Santander of Spain, which is a major First Fidelity shareholder.
Other participants are Credit Commercial de France, Kredietbank of Belgium, and Banco de Comercio e Industria of Portugal.