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BP FINANCE TO OUTSOURCE DATA COMMUNICATIONS, GLOBAL TRADING NETWORK TO SYNCORDIA

 ATLANTA, June 15 /PRNewswire/ -- Syncordia has been awarded a contract by BP Finance, the banking and treasury subsidiary of British Petroleum (NYSE: BP), to provide and manage its data communications operations including a new global financial trading network that will link BP Financial operations in the United States, Europe and Australia.
 The agreement is part of BP Finance's move to replace its stand- alone regional financial trading systems with a single, integrated computerized network. The new network will improve internal communications and BP's interaction with the world's financial markets.
 Under the terms of the contract, Syncordia will link BP Finance operations in Cleveland, Ohio (U.S.); Melbourne, Australia; and Harlow and London in the UK into a high-performance, high-security network that will provide highly reliable data communications among sites, 24 hours a day. Comprehensive customer support will be provided through Syncordia's new Customer Support Center, located in Maidstone in the UK, built to meet the specialized requirements of BP and its affiliates.
 "The outsourcing agreement with Syncordia allows us to focus on improving our financial trading and treasury operations while Syncordia manages the critical telecommunications functions that support those operations," said David Cureton, BP Finance Manager, Treasury Services. "Besides providing the extremely high levels of quality, availability and security we need, outsourcing with Syncordia is expected to result in significant savings."
 On a typical trading day, BP Finance processes more than $1 billion worth of financial transactions, primarily foreign exchange trades. BP Finance traders at each site will use Syncordia's network solution to access real-time information on global currencies and credit positions, and to closely monitor the company's exposure on financial markets worldwide. BP Finance will also use the services to support its internal settlements and accounting functions.
 To measure service level performance, Syncordia and BP Finance have developed and innovative bench marketing technique, grief points, originally defined by BP Finance's users. Syncordia is encouraged to deliver extremely high performance through a series of incentives based on the measurements defined by BP Finance.
 "We started with an initial framework agreement and constructed a contract totally customized to BP Finance's requirements," said John Pientka, Syncordia vice president -- Enterprise Solutions. "That is a sign of a true outsourcing arrangement; flexible terms and conditions that conform to the customer's needs."
 Today's announcement represents another step in BP's ongoing strategy to outsource major elements of its telecommunications and information technology infrastructure. In March, Syncordia announced it won a contract with BP Exploration and BP Corporate to manage a significant part of their global communications services and infrastructure. That initial framework agreement served as a starting point for developing the BP Finance contract.
 BP Finance is the sixth contract announced by Syncordia. Others include Amadeus, the European-based airline consortium; IBM Europe; BP Chemicals; Firmenich, a Swiss fragrances and food flavorings company; BP Exploration and BP Corporate. In less than two years of operation, Syncordia has signed nine contracts and built a business backlog of more than $200 million.
 Launched in September 1991 by BT (British Telecommunications plc.), Syncordia provides global network outsourcing solutions to multinational corporations.
 -0- 6/15/93
 /CONTACT: Brian Farley of Syncordia, 404-333-4657, or David Nicholas of BP, 44-71-496-4708/
 (BP)


CO: BP Finance, Data Communications, Syncordia ST: Georgia IN: TLS SU:

LD -- NY007 -- 1960 06/15/93 09:01 EDT
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Publication:PR Newswire
Date:Jun 15, 1993
Words:548
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