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PSINet, CWB in Link-up to Host Financial Services

[London, ENGLAND] Global Internet carrier PSINet has signed a partnership deal with UK plc subsidiary CWB to provide e-commerce and web hosting services for financial institutions.

Based in London and New York, CWB is a supplier of e-commerce and other solutions to the financial services sector. Founded in 1994 by Christiane Wuillamie, it is still a relatively small company, employing just 200 people. However, it has a solid reputation in its market sector, and numbers Deutsche Bank, HSBC, Merrill Lynch, Barclays Capital, JP Morgan and Ameritrade among its clients.

For PSINet, the deal will add skills and help to boost its business in a vitally important market, especially in Europe where it controls continental operations from Geneva, Switzerland.

Malcolm Johnston, director of strategy and marketing at PSINet, said the initiative would bring enormous benefit to the company's financial customers.

"Understanding our customers' business comes first in Web hosting. Our collaboration with CWB is driven by the recognition that performance assured e-commerce services are vital to financial services clients if they are to outsource this area of their business," said Johnston.

Speaking for CWB, Chief Executive Hugh Hughes commented that e-business within the financial sector is driven by system performance and water-tight security.

"PSINet's presence and strength in the major business markets of the world puts it at the top of the growing global hosting demand, and provides financial institutions with the confidence their shareholders need," said Hughes.

The pace of change and a dramatic shortage of skilled e-commerce and financial IT specialists have combined to make outsourcing an increasingly attractive option for financial services organizations. PSINet and CWB both hope to exploit the trend.

Certainly, CWB could scarcely have a more powerful partner. PSINet's switching facilities provide direct access to the Internet in more than 900 metropolitan areas in 28 countries on five continents.