Looking to compete in one of money-center banks' most lucrative correspondent businesses, a Silicon Valley start-up has rolled out a personal computer-based foreign exchange service for small and midsize companies.

The corporate cash management service, called FXchange, from San Mateo, Calif.-based Sonnet Financial Inc., has been up and running for about a year. It is aimed at firms with modest foreign exchange needs - those that typically have transactions valued between $10,000 and $500,000. The trades are used mainly in support of international business activities.

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