CoreStates Financial Corp. and Royal Bank of Scotland have established what they call a first-of-a-kind financial electronic data interchange link.
The link will let their corporate customers send electronic payments and invoice data between the United States and the United Kingdom. Payments can be converted promptly into either dollars or pounds.
The banks said the establishment of the links marks the first time transactions can be sent through systems adhering to the European technical standard UN/Edifact and through those using North America's ASC X12 ANSI.
"CoreStates' vision is to use electronic commerce to improve the payment-and-receivable process for our corporate and multinational customers," said George Doolittle, senior vice president and regional manager in Europe and Africa for CoreStates.
"The payment processing linkage is part of our Gateway initiative-a five-year-old global project built around a worldwide electronic banking network and product suite incorporating card, image, funds transfer, Swift and Internet applications."