[E-Lang] Fwd: [picoIPO] [Fwd: [Intertrader] PR: Recent Intertrader and Systemics alliance brings forth digitaldollar from Hansa Bank (fwd)]

Mark S. Miller markm@caplet.com
Sun, 25 Mar 2001 10:12:58 -0800

Wow!  Further correspondence in the thread rooted at this message 
http://list.picoipo.com/pipermail/picoipo/2001-March/000048.html reveals 
that this is (approximately) a dollar backed instrument!  (Follow the 
pointers in the thread for details.)  Ian, Rachel, fractional reserve risk 
aside, is this also an instant settlement instrument?

If so, Tyler, Rachel, Ian, have either of you thought about access to this 
instrument through ERTP?  (If you haven't yet looked at ERTP, I recommend 
learning Tyler's version rather than mine.  Tyler, what's the best place to 

>From: Ian Grigg <iang@systemics.com>
>To: PicoIPO microfinance list <picoipo@list.picoIPO.com>
>Subject: [picoIPO] [Fwd: [Intertrader] PR: Recent Intertrader and Systemics alliance brings
> forth digitaldollar from Hansa Bank (fwd)]
>Date: Mon, 19 Mar 2001 13:01:26 -0400
>This may not actually appear to be about microfinance, but
>I assure you that the original genesis of this project is to
>provide picoIPO with a dollar for trading purposes!  It's
>just that the project found more benefactors as time went on,
>and now it is press release time...
>-------- Original Message --------
>Subject: [Intertrader] PR: Recent Intertrader and Systemics alliance brings forth digitaldollar from Hansa Bank (fwd)
>Date: Mon, 19 Mar 2001 15:59:02 +0000
>From: Rachel Willmer <rachel@intertrader.com>
>To: news@intertrader.com
>Edinburgh (UK), Anguilla (British West Indies), 15th March 2001:
>Rachel Willmer, CEO of Intertrader Ltd (Edinburgh, UK), today became
>the first purchaser of the new digital dollar issued by Hansa Bank
>(Anguilla, British West Indies).
>This event marks the launch of the first online dollar to be based on
>Systemics' Ricardo system, which is soon to be launched as a fully
>supported payment method within the Intertrader CashBox payment
>management system.
>Hansa Bank is the only offshore bank in Anguilla, a noted centre
>for financial cryptography.  Hansa has been a consistent supporter
>of the conferences of the same name, held annually in the Caribbean.
>The Hansa Bank dollar is backed 100% by dollars held in a reserve
>account at Hansa Bank, constructed in this way to eliminate financial
>and credit risks. For every digital dollar issued, the Ricardian
>contract requires the reserves to match that with a dollar on account
>at the bank.  "This adds no risk to the bank's operations," said
>Lynwood Bell, Chairman of Hansa Bank and Hansa.net Global Commerce,
>Inc.  "Holding reserves that are one to one with the issued instrument
>does more to reduce systemic risk in financial systems than any other
>Lynwood Bell went on to say: "This represents an important step forward in
>the field of online payments. Hansa Bank and Hansa.net Global Commerce, Inc.
>are dedicated to incubating and accelerating technology in new microfinance
>and digital trading fields. Having digital dollars will add an important
>trading facility in many B2B applications."
>Rachel Willmer, CEO of Intertrader (Edinburgh, UK), said "I am
>delighted that the 'Hansa Bank dollar' is now a reality.  The CashBox
>suite of supported payment instruments will soon be enlarged to offer
>the dollar and other Ricardian contracts, alongside Mondex and e-gold,
>to enable easy usage of digital dollars in the online retail sector."
>Ian Grigg, CEO of Systemics, added: "Anguilla is a 'technology campus'
>for innovations like ours.  We needed to meld our governance model
>into that of a forward thinking bank.  We could only have done that
>with an institution like Hansa who already model themselves on the
>evolving Internet economy."
>The three companies involved all recognise that building the new
>economy is about partnering.  "It's a mistake to think you can build a
>financial system with just one company, or even an alliance of similar
>companies.  Before we can build in the reliability needed to eliminate
>risk, we must have an interlocking network of diverse institutions,
>working together in separate roles, but all separately owned and
>governed" said Ian Grigg.
>For more information, please contact :
>Lynwood S. Bell
>Hansa Bank and Hansa Global Commerce Inc
>Email:  hansa@attglobal.net
>Tel:    +1 (264) 497-3800
>Fax:    +1 (264) 497-3801
>Ian Grigg
>Systemics Inc
>Email:    iang@systemics.com
>Rachel Willmer
>Intertrader Ltd
>5 John's Place
>Edinburgh EH6 7EW
>Tel:    +44 (0) 131 553 0380
>Fax:    +44 (0) 131 553 0381
>Email:  rachel@intertrader.com
>Web:    http://www.intertrader.com
>Hansa Bank
>Hansa Bank & Trust Company Limited was founded in 1984. Its technology
>incubator/accelerator, Hansa.net Global Commerce, Inc. became publicly
>traded in 1985 and focuses in the areas of e-commerce location
>optimization, international trade technology and the marketing of
>Internet technologies.  Hansa.net and Hansa Bank are part of the
>Span-Hansa Group comprised of ten organizations doing business in as
>many international locations. The Group's operations also include
>financing intellectual property, public stock offerings, acquisitions
>and mergers, and international marketing.  Information on the
>Span-Hansa Group and other strategic partners can be found on the
>Company's Internet home page http://www.hansa.net
>For more information about Hansa Bank or Hansa.net Global Commerce
>Inc., please contact :
>Lynwood S. Bell
>Tel: +1 (264) 497-3800
>Fax: +1 (264) 497-3801
>Intertrader Ltd
>Intertrader is a technology company specialising in e-payments
>middleware and applications. Its flagship product is the Intertrader
>CashBox payment management system.
>Intertrader have recently released Version 2 of the Intertrader CashBox,
>which delivers a complete value acquisition solution for payment
>service providers wishing to acquire Mondex and E-gold value. Version
>1 of the CashBox system was used by Bank of Scotland in 1999 in a
>successful pilot of a pay-for-use Internet-access system.
>Intertrader recently announced a strategic alliance with Systemics for
>joint marketing of their combined systems worldwide. The integration of
>Systemics' Ricardo financial trading products with Intertrader's CashBox
>payment management system provides a complete solution for companies
>wishing to issue financial instruments such as currencies, bonds or shares.
>As a result of this alliance, Intertrader will implement support for
>Systemics SOX protocol within the Intertrader CashBox system to enable
>full integration with the Ricardo currency issuer and trading market
>products and will develop an online exchange application to manage the
>transfer of value between SOX-enabled currencies and others supported
>by the CashBox system.
>Based in Edinburgh, UK, Intertrader was founded in 1995 by Rachel
>Willmer, the CEO. Intertrader has been recognised as a pioneer in the
>field of e-payments, numbering amongst its customers Mondex
>International, Beenz.com and Bank of Scotland. In 1998, it was chosen
>for the 1998 Scottish Foresight award from the UK Department of Trade
>and Industry for its "exceptional vision in developing and applying
>new technology and opening new market opportunities".
>Intertrader is a founder sponsor of EFCE, the premier conference for
>practical financial cryptography engineering.  <http://www.efce.net/>
>For more information about Intertrader, please contact:
>Rachel Willmer, CEO
>Intertrader Ltd
>5 Johns Place
>EH6 7EW
>Tel: +44 (0) 131 553 0380
>Fax: +44 (0) 131 553 0381
>WWW: <http://www.intertrader.com>
>Systemics Inc
>Systemics Inc is a technology company specialising in e-payments and
>financial cryptography. Its flagship product range is the Ricardo
>group of financial cryptography products, which allows for online
>assets to be created and traded, either directly or on a market.
>   - the Ricardo Issuance Server, a platform for issuing online
>     currencies, shares, bonds and other financial instruments.
>   - the Ricardo Exchange Server, a platform for delivering RTGS (T+0)
>     trades across the Internet.
>   - SOX, a protocol for reliable payments and trade instructions
>     designed for Internet trading.
>The Ricardo architecture was originally designed in 1995-1996 and was
>launched into live usage with the creation of the DigiGold currency,
>issued by DigiGold Ltd in 1999. (See http://www.digigold.net for more
>details). This new currency issue represents the first dollar-denominated
>Ricardo currency.
>Systemics was instrumental in creating the Cryptix Development Team
><http://www.cryptix.org>, a group producing the popular open source
>strong crypto package for Java.  Systemics is currently forming a new
>open source group based around the WebFunds application, a Java client
>for accessing payments and trading on the net via the Ricardo servers.
>Systemics is a founder sponsor of EFCE, the premier conference for
>practical financial cryptography engineering.  <http://www.efce.net/>
>For more information about Systemics, please contact:
>Ian Grigg, CEO
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