Put a couple of bankers and communications experts with a vision together and what do you get? A craving for the Internet commerce. They plan to make Bermuda the financial hub of a worldwide trading network linking thousands of Chambers of Commerce -- and their members -- together.

What's also interesting is how the group behind the venture came to Technology Island. The connections were made by William Storie, and former Bank of Bermuda president and chief executive officer Charles Vaughan-Johnson.

The network is being created by a group of four principals led by investment banker Charles Abrams who have set up Bermuda-based International Business Network for World Commerce & Industry, Ltd. (IBNET). They'll run it out of New York but the Bank of Bermuda will be the global clearing house for the trades between the members. The system should be in operation by spring 1998.

"We want to create a global system for business to business trading,'' IBNET chief executive officer and chairman Mr. Abrams said.

IBNET is the managing partner for the global Internet initiative -- IBCC-Net -- of Paris-based International Chambers of Commerce. IBCC-Net currently links about 1,500 Chambers of Commerce together, including the Bermuda Chamber of Commerce.

Here's how the new IBNET plans to take IBCC-Net a step further by developing the World Chambers Network. The group has just signed a deal with IBM Corp. to use their worldwide secure network to facilitate the cross border trades. IBM will also supply the infrastructure and a help desk for members.

It's an intranet, separate from the public Internet, on which Chamber of Commerce members around the world will be able to post goods or services they want to sell. Or if they want a certain good or service they'll post that need.

If two companies needs match, the system will automatically inform the parties and they can then contact each other and work out the terms of the international trade.

"Once they are matched it's up to them to facilitate the trade,'' company chief financial officer Kenneth Shewitz said. "This will benefit small to medium sized companies. About 90 percent of global trading is done by Fortune 1000 type companies, by major corporations. There is a vast amount of trading not being done by small to medium sized companies. These type of business don't have the knowledge to do cross border trading. They may belong to a Chamber of Commerce but they still have to find the customer. This network will give members an opportunity to conduct global trading.'' Before a company can trade on the network their local Chamber of Commerce will first have to ensure that they are legitimate and will not perpetuate a fraud on the network. If the Chamber doesn't have the resources to conduct such an investigation, IBNET will do it for them.

Security and credibility are key to getting the network operating. Once a member is checked out they'll sign an agreement, and receive a secure protocol allowing them to log on to the system through their Chamber of Commerce connection. Special software is currently being created for the network.

Mr. Abrams said IBNET will receive its income by charging a small fee for members' postings and for connecting two parties in a trade. Chambers of Commerce will also pay an annual fee.

IBNET is currently raising about $8.5 million in start up money privately for the venture. Will it work? After all everyone's trying to cash in on Internet type commerce, and there's a lot of competition out there.

However this venture has some key people behind it. Bear with me while I run down a list. I do it for a purpose, and don't intend to bore you.

Mr. Abrams has an extensive background in merchant banking. He is currently chairman of International Partners Corp, a New York-based investment holding company, and was the first investment banker to put a deal together in China when then US president Richard Nixon opened up that country to trade. Mr.

Abrams has brought in a few colleagues to back the venture.

The president and chief operating officer is John Monteleone, until this year the former chief operating officer for International Business Network, Inc.

Sitting on the board is Ronald Erickson, former chairman, president and chief executive officer of GlobalTel Resources, Inc.; Bruce Crockett, former chairman and chief executive officer of satellite companies COMSAT, and before that INTELSAT; William Tiga Tita, the chief executive officer of the holding company for the Global Management Centre of the G77 group of countries' Chamber of Commerce & Industry; and Lyman Hamilton, the former chief executive officer of ITT Corp.

Whew. Hope your eyes didn't glaze over with that list of bigwigs. But what's interesting is the ages of some of these folks. Internet, and internet related commerce, is not just a young man's game. The power brokers have entered the scene.

On the local front the group is working with William Storie, who acts as an advisor to the Bermuda Chamber of Commerce and to IBNET, and Charles Vaughan-Johnson who started financial consulting company Retfin Bermuda Ltd.

William Storie & Co. is a technology consultant to the insurance industry.

"This initiative is exactly what Bermuda was designed for,'' Mr.

Vaughan-Johnson said.

WELL CONNECTED -- Kenneth Shewitz (left) chief financial officer of IBNET, and CEO Charles Abrams are two of the principals behind plans to connect Chambers of Commerce around the world. On the local front Charles Vaughan-Johnson (sitting) and William Storie (standing) are advising the new company.