Colt provides DSL access to SwiftNet across Europe

Developed in response to demand from smaller banks specifically, the move extends COLT's market-leading SWIFTNet services and brings high speed connectivity and stringent Service Level Agreements (SLAs) - normally the preserve of large financial institutions - to smaller banks and branch offices.

SWIFT is a worldwide community of financial institutions and SWIFT's Secure IP Network (SIPN) is the new IP-based platform allowing 7,800 financial institutions to connect and communicate in a secure fashion. It is predominately used for payments and securities business.

COLT, one of only four SWIFT-approved network providers, connects over 650 European SWIFT members, including 60 per cent of the top 200 banks, to the network. Approximately 30 per cent of banks currently use dial up to connect. By migrating to DSL, these organisations will benefit from lower costs, as well as improved performance and greater availability and reliability of access.

Terry Quigley, head of Financial Services, COLT said: "COLT's heritage lies in the financial services sector and we are the strongest SWIFT-approved player in the European market. Therefore we are well placed to help financial institutions maintain a competitive edge in today's fast-moving and highly competitive market and exceed their business goals. To date, smaller banks have been hampered from doing so by having to make use of second-best technology solutions. We have responded to the demand to level the playing field and have taken the lead in providing DSL connectivity to SWIFTNet across Europe."

COLT SWIFTNet offers a comprehensive set of connection packs with different levels of resilience. It provides SWIFT-approved ordering, reporting and fault-handling procedures.

The new DSL service will be piloted until December 2005 and become commercially available in 2006 pending confirmation of the services by SWIFT.