officially launched faxSAV, a new Internet-based fax service for corporate customers.

The service is a commercial alliance with NASDAQ-traded New Jersey-based faxSAV Inc., IBL said.

"Using a network of fax nodes connected via the Internet, faxSAV allows users to send faxes anywhere in the world at greatly reduced costs,'' IBL said.

Phase one, launched on Tuesday, offers international fax to fax service.

Through a network connector companies can send faxes over the Internet using existing fax machines. Internet subscription is not a prerequisite.

Phase two will allow subscribers to fax through PCs to fax machines abroad.

IBL charges $10 per month for the service plus customary fax costs.

But through the service, a company's fax costs can be cut 40 to 45 percent, IBL said.

Through faxSAV, a $1.15 per minute transmission to the US costs 70 cents a minute while $1.50 UK and $1.15 Canada rates are 85 and 75 cents respectively, through the new service IBL said.

And IBL bills in six second increments. Under traditional billing, users pay a full minute rate for every part of a minute they use.

In the first week, about 25 companies have signed up for the service, IBL general manager Peter Durhager said.

"I think that will increase dramatically.'' "The ability of IBL, a small data communications company, to bring the faxSAV service to market is a direct result of Bermuda's move to a more competitive and open business environment,'' he added.