Credit Suissehas
confirmed that it is to outsource its telecoms and networking
management to BT in a five-year, £578m deal.
The telecoms requirement will be delivered in partnership with
incumbent operator Swisscom. It will address requirements across
Credit Suisse’s enterprise and financial trading environments, with
an additional focus on creating new service innovations.
The contract involves the management of Credit Suisse’s global
networking function, which will include the transfer of 231
employees and 50 contractors.
It consists of a minimum five-year term with the option of
extending the term to seven years. The total order value of the
contract is estimated at £578 million.
BT said the agreement would allow Credit Suisse to take greater
advantage of mobile and internet technologies and to use advanced
exchange connectivity to provide secure business links at a lower
cost and with less capital investment.
These technologies will help Credit Suisse further reduce
network latency and improve trader effectiveness and collaboration
in its investment banking activities.
The agreement will also establish a multimillion-pound
innovation fund, sponsored by all three parties, to finance the
development of technologies designed to enable Credit Suisse to
enhance product and service delivery.
As a result, Credit Suisse will be in a position to generate
greater levels of efficiency and productivity to better serve its
clients, said the partners.
Tom Sanzone, CIO and executive board member at Credit Suisse,
said, “As our business landscape becomes increasingly complex, the
integration of telecoms connectivity and remote access for our team
is becoming ever more important. BT, in partnership with Swisscom,
have developed a proposition that we believe will yield a
considerable advantage in an increasingly competitive marketplace,
while allowing us to better focus on our core business.”
He said, “Our customers will benefit from BT’s deep
understanding of the financial services market, innovative
thinking, skills and expertise in the provision and management of
highly resilient networks, while Swisscom ensures the deep
understanding of Swiss banking regulations, which was central in
our decision making.”
The bank revealed details of the contract, which will include
the transfer of staff, after news of the deal was leaked earlier
this month.
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