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3/22/2004
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Money Systems Melded

Electronic Payments Network, which switches low-value payments such as direct payroll deposits between banks, has built a link to SwiftNet, an IP-based network being implemented by banks around the world for high-value, interbank transactions. Barry Tebbutt, head of worldwide operations and technology at Northern Trust, which has $1.6 trillion in assets under administration, says the link lets the bank piggyback low-value transactions over the telecommunications line it uses for high-value transactions, eliminating the need for a separate line.

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