SWIFT Worried by Travails of Global Crossing

Global Crossing, the global telecommunications company to which SWIFT out-sourced network services earlier this year, is reported to be in “crisis talks” with its bankers to avert bankruptcy. “Obviously, it is of concern to us,” says a SWIFT spokesman, but he says the contract with Global Crossing includes safeguards designed to ensure the continuity and integrity of the SWIFT network. in the event that Global Crossing goes under. In an official statement, SWIFT emphasised that “security, reliability and resilience are the cornerstones of SWIFT’s franchise. From the outset of its partnership with Global Crossing, comprehensive contingency measures have been integral to the agreement. SWIFT and Global Crossing have a framework in place to enable SWIFT to ensure continuity of its services including its X.25 and IP networks. SWIFT remains committed to Global Crossing and to ensuring that its standards of security and reliability are maintained.”