Banks and exchanges to settle past differences

Settlement in e-marketplaces is still taking place offline. ABN Amro seeks the online alternative.
September 12, 2000
ABN Amro sees the writing on the wall when it comes to the role of banks in business to business B2B e-commerce. Banking is necessary, but banks are not, quotes Francis Kong, senior vice president, cash management and securities at ABN Amro, Singapore, of Bill Gates.

There are direct conflicts between what B2B exchanges want from banks and what most banks want to offer. E-markets want guaranteed settlement, and the flexibility to work with a number of banks, so that each vendor need not build multiple relationships with each new e-market it joins.

Some e-marketplaces want their members to open an account with the one bank - wishful thinking for us, says Kong. Banks...

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