SWIFT announced that it has entered into an agreement to sub-contract its network operations to Global Crossing (NYSE:GX). The partnership, worth a minimum of $300 million in revenue to Global Crossing, enables SWIFT to sharpen its focus on messaging services, transaction processing and standards setting while at the same time ensuring a more robust offering for its member-customers.
Under the terms of the agreement, Global Crossing will manage the development and operation of SWIFT's Secure IP Network (SIPN) infrastructure, which will become a Virtual Private Network (VPN) within Global Crossing's existing IP extranet infrastructure. Global Crossing will also assume responsibility for maintaining SWIFT's current X.25 network, which over time will be replaced by the SIPN to provide a seamless and unified network to support SWIFT's global products and services.
Spurred by the financial industry's need for reduced costs and increased operational efficiency and Straight Through Processing (STP), the partnership between SWIFT and Global Crossing will enable the two companies to co-market, through a channel sales agreement, a broader range of networking services to SWIFT's customer base. Further, the single-window access model that underpins its SWIFTNet services will allow SWIFT to provide its customers with a one-stop-shop for local loop access and managed customer premises equipment end-to-end, as well as broadband, Internet and VPN services.
In Asia, SWIFT's network operations will be co-managed by Asia Global Crossing, a subsidiary of Global Crossing.
About SWIFT:
SWIFT is an industry-owned co-operative supplying secure messaging services and interface software to financial institutions in 190 countries. For more information, visit www.swift.com.
About Global Crossing:
Global Crossing Ltd. provides integrated telecommunications solutions over a global IP-based fiber-optic network, and provides a full range of managed data and voice products and services. For more information, visit www.globalcrossing.com.
About Asia Global Crossing:
Asia Global Crossing (Nasdaq: AGCX) provides the Asia Pacific region with integrated telecommunications and IP services. Through a combination of undersea cables, terrestrial networks, city fiber rings and complex web hosting data centers, Asia Global Crossing is building a pan-Asian network.