RE: Secure Telnet Between i5's ?

Is there an article or discussion you can point me towards? I'd like to
know, even if just theoretical, how User A could see User B's traffic
when the iSeries is en/decrypting all of the comm. All traffic on the
physical wire would be encrypted so it has to be some way for User A to
see either User B's job, their pre-encryption traffic on the source
system, or the post-encryption traffic on the target system.

Our clients include major banks and governmental bodies and whenever
encryption is a requirement the client has never balked at
server-to-server VPN links. They're generally satisfied with LAN-to-LAN
VPN.