Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Technology Stocks : Global Crossing - GX (formerly GBLX) -- Ignore unavailable to you. Want to Upgrade?

To: RobertSheldon who wrote (9820)	2/6/2001 7:42:51 AM
From: spred	Read Replies (1) \| Respond to of 15615

Global Crossing to get $300 million from SWIFT pact biz.yahoo.com NEW YORK, Feb 6 (Reuters) - Telecommunications company Global Crossing Ltd. (NYSE:GX - news) said on Tuesday it would receive at least $300 million in revenues under an agreement to operate and manage the network of SWIFT, a provider of financial messaging services to banks, brokers, and investment managers. By sub-contracting its network operations to Global Crossing, SWIFT will be able to focus on messaging services, transaction processing, and standards setting, the companies said in a prepared statement. SWIFT is a co-operative owned by the financial industry that supplies messaging services and software to 7,000 financial institutions in 190 countries. The two companies also will co-market to SWIFT's customer base other networking services such as local network access, broadband, Internet, and virtual private network services. Virtual private networks are private data networks that travel in a secure location across public networks. Under the terms of the agreement, Global Crossing will manage the development and operation of SWIFT's secure, Internet Protocol Network (SIPN), which will operate as a virtual private network within Global Crossing's existing network infrastructure. ``Under this unique partnership arrangement, SWIFT will co-design .... and co-manage the network with Global Crossing, but our customers will continue to have a single provider, a single network and a single point of contact,'' said Joe Eng, SWIFT's Chief Information Officer. Global Crossing will also assume responsibility for maintaining SWIFT's current network, which over time will be replaced by the SIPN. In Asia, SWIFT's network operations will be co-managed by Asia Global Crossing Ltd. (NasdaqNM:AGCX - news), a subsidiary of Global Crossing.