Wall Street Systems, a provider of global treasury, trading and settlement services, has selected Savvis to provide it with IT infrastructure, utility computing, and a corporate network.
Under the terms of the agreement, Savvis is providing Wall Street Systems with data center facilities, servers and storage systems, network backbone, management, and operations underpinning a new, hosted version of the company’s Wallstreet FX trade processing system known as Wallstreet FX ASP.
This new service model transforms Wallstreet FX into a software as a service (SaaS) solution hosted from two of Savvis’ geographically dispersed data centers.
Savvis said that its infrastructure for Wall Street Systems runs as a SAS 70 Type II environment that assists the company in addressing Sarbanes Oxley and other reporting requirements.
In addition, Savvis is providing a corporate network for Wall Street Systems to connect offices in eight countries around the world, enabling secure data transfers, file sharing, corporate intranet, video conferencing and email.
Wall Street Systems said that its SaaS approach allows customers to pay per transaction, rather than pay software license fees upfront. For customers, this also eliminates the need to maintain on-premises equipment or technical expertise. A web portal allows financial institutions and other users to log in via a secured, private network, available to clients around the globe. When delivered via the SaaS model, the company claims that implementation times for Wallstreet FX can be reduced by more than 50%.
With Savvis, we can focus our resources on developing software and serving clients rather than on building, financing, and managing an in-house IT infrastructure and operations team, said Mark Tirschwell, chief technology Office of Wall Street Systems.