Financial Fusion and Global Crossing Sign Multi-Million Dollar Deal to Provide FIX Services Worldwide
BOSTON--(BUSINESS WIRE)--Nov. 7, 2000--
Agreement Delivers Industry's First Comprehensive FIX Messaging Services Suite
Financial Fusion announced today that it has signed an agreement with Global Crossing to provide the worldwide financial services industry with the first comprehensive suite of FIX messaging services. Financial Fusion's GlobalFIX will provide the foundation of Global Crossing's IP financial Extranet by supplying the core intelligence and power to connect customers to a single and secure trading session. This service allows customers to immediately access other pre-established FIX connections to trading partners.
Global Crossing selected Financial Fusion's GlobalFIX chiefly for its robust performance, global support, and high availability features. GlobalFIX directs messages securely, with encryption, to their proper destination while monitoring their status and all circuit connections. GlobalFIX is the Java-based component of the Financial Fusion Server that utilizes XML technology to provide enterprise-class FIX connectivity for global trading.
Global Crossing's IP financial Extranet is based on the concept of creating a "FIX dial tone". This service supports the entire FIX message set over a single trading session and enables firms to maintain a single socket connection to a cluster of highly available GlobalFIX servers. These servers are able to maintain a pre-established connection to trading partners around the world and as a result are able to significantly reduce a new entrant's "time-to-market". Other features of this service include a FIX certification program, administrative tools, and reporting functionality. These features form a scalable, efficient network-centric solution for routing FIX messages between trading partners.
"Our partnership with Financial Fusion is more evidence that Global Crossing seeks to partner with `the best' to deliver intelligent, forward-thinking solutions that improve the trading process from simply connecting trading partners to facilitating Straight Through Processing (STP)," said Bill Adiletta, CIO of Global Crossing. "This combination of innovative businesses and entrepreneurial minds creates an exciting alchemy that will deliver tremendous value to financial services firms pursuing STP and T+1."
"Financial Fusion is dedicated to providing the global financial services community with solutions that facilitate STP and substantially reduce the risk and cost of maintaining FIX connections to trading partners," said Michon Schenck, president of Financial Fusion. "Bottom-line, this partnership makes it substantially easier for firms to rapidly grow their number of trading partners with the assurance that they are using the most advanced FIX technology for STP, without having to increase or extend their information technology infrastructure." |
