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PSINet Inc., the Global Internet Super Carrier, and CWB, a supplier of IT services to the financial services sector, has signed a partnership agreement to provide e-commerce and web hosting services for financial institutions. The partnership will also provide the design and management of delivery systems supporting business critical activities in the financial services sector such as trading, broking and regulatory reporting.

Analysts predict that e-business will account for over $2.7 trillion in revenues by 2004 (Forrester Research, Feb 2000), so financial services organisations face a challenge to design and implement effective e-commerce strategies. However, with the dramatic shortage of skilled e-commerce and financial IT specialists, financial services organisations around the world increasingly recognise the need to outsource e-commerce requirements.

Financial services are increasingly outsourcing network connectivity. Chief among their requirements are uptime and reliability, management services such as troubleshooting, security and mirroring and the delivery of specialist mechanisms to manage customer services such as trading and broking.

Malcolm Johnston, Director of Strategy and Marketing at PSINet said, “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. CWB has developed an outstanding reputation within the financial services sector, particularly for e-commerce strategy and services, and we're convinced that this initiative will bring enormous benefit to our financial clients".



Hugh Hughes CEO of CWB commented, "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".


About PSINet:

Headquartered in Ashburn, Virginia, USA and with European Headquarters in Geneva, Switzerland, PSINet is an Internet Super Carrier offering global e-commerce infrastructure and a full suite of retail and wholesale Internet services through wholly-owned PSINet subsidiaries. Services are provided on PSINet-owned and operated fibre, satellite, Web hosting and switching facilities providing direct access in more than 900 metropolitan areas in 28 countries on five continents. PSINet information can be obtained by email at info@uk.psi.com, or by accessing the Web site at http://www.uk.psinet.com


About CWB

CWB, based in London and New York is an award winning, privately owned UK Plc, with over 200 employees. Founded in 1994 by Christiane Wuillamie, CWB is recognised as a leading provider of IT solutions within the financial markets, successfully bridging the gap between technology providers (whether external suppliers or internal IT departments) and business managers. CWB provides:

· Consultancy services, including e-commerce, and risk management technology

· Software, including bespoke applications development

· Managed Services, including application and infrastructure support

· Knowledge Management covering training and documentation services

Clients include such major investment banks as Deutsche Bank, Dresdner Kleinwort Wasserstein, HSBC, Merrill Lynch, Barclays Capital, JP Morgan and Ameritrade.

For further information please visit the website at http://www.cwb.com





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