Financial Services ASP experienced over 500% growth in on-lining trading volumes
LONDON & DUBLIN, January 15 2002 – Digital Island, a Cable & Wireless company (NYSE: CWP, announced today that Cognotec, the e-commerce financial trading solutions provider, is using 2Way Web ServicesTM to facilitate its global Internet transaction platform. The company has experienced a more than 500% growth in on-line trading volumes within the last year.
Cognotec provides services enabling financial institutions to brand and operate their own foreign exchange and money market trading services over the Internet. Serving 60 global and regional customers in Europe, Asia and North America, Cognotec is using Digital Island’s 2TransactTM services to ensure transactions are completed over a highly secure and reliable global infrastructure. Part of the 2Way Web Services suite, Digital Island’s 2Transact services give Cognotec access to a secure Global Internet Protocol (IP) backbone connected to 327 Internet Service Provider (ISP) networks.
"Our range of services provides a vital trade execution service for a number of the world’s leading financial institutions. Downtime is totally unacceptable. We need a comprehensive solution with the built in fail over of working with multiple ISPs," explains Maurice Curran, head of systems architecture, Cognotec. "Working with Digital Island we can provide a seamless, global service and have been able to re-deploy a number of our IT workforce from managing network services to providing more value added service and support for our customers."
2Transact services are infrastructure services that enable Cognotec customers to complete transactions over the Internet by providing a two-way communications channel between the public Internet and its hosted customer databases. Transport routing intelligence directs traffic along the most direct path on the network speeding the delivery of the managed applications that Cognotec provides to its customers. This overcomes network congestion and performance issues that can occur on the public Internet, ensuring performance of both the hosted application and customer transaction.
By ensuring completed transactions, Cognotec has a compelling value proposition that meets strict service and security requirements," says Ruann Ernst, president and chief executive officer, Digital Island. "Cognotec is enabling a low-cost trading channel for its customers, maintaining a strong industry reputation as a dependable, secure, and reliable online facilitator of foreign exchange and money market financial transactions."
Digital Island provides 2Way Web Services for eight of the top 25 global 500 companies in the financial services sector, including ABN Amro, UBS Warburg, and JP Morgan Chase. In October 2001, Digital Island became the first Web services provider to achieve independent SAS 70 Type II certification for its entire portfolio of 2Transact, 2Deliver™ and 2Manage™ services, which cover managed hosting, networking and content delivery service elements.