What is Mondex?
Mondex International is a joint venture between National Westminster Bank (the UKUs largest retail bank) and Midland Bank (part of the Hong Kong and Shanghai Banking Corporation). They are working with BT in the UK to introduce domestic service next year, beginning in Swindon (a town of around 300,000 people, approximately 70 miles west of London.) National Westminster will be actively seeking banking partners worldwide to establish Mondex as the basis for a global electronic cash payment scheme. A number of international technology companies, including Dai Nippon Printing Co. Ltd., Hitachi Limited, NCR, Panasonic (Matsushita Electric Industrial/Matsushita Battery), Oki Electric Industry Company Limited, SPOM Japan Co. Ltd., and Texas Instruments Limited are working with National Westminster developing suitable components and equipment for the Mondex product. The public launch of the service will take place in Swindon in 1995. All 40,000 of the banksU customers will be eligible and the
