Reuters, Microsoft, 25 Banks Team Up for Messaging

LONDON--Reuters is teaming up with Microsoft and 25 financial institutions to develop an instant messaging system that will enable users to conduct dynamic text conversations and, ultimately, exchange multimedia content. A full rollout is expected before the end of the year.

The messaging initiative is part of Reuters’ business transformation project, and has been something of a pet project of Reuters’ incoming CEO, Tom Glocer. Glocer told Waters last year that messaging was one of the key components he was looking to add to 3000 Xtra (TTW, June 19).

Although Reuters has tried to offer messaging before, it has not been an area where it has distinguished itself. Bloomberg, meanwhile, has fared far better with its proprietary messaging system.

Now, thanks to advances in technology (security and speed, primarily), Reuters is launching Reuters.Net Messaging. The new service will use Microsoft’s communications technology, its new standards-based Session Initiation Protocol (SIP) software and service communications platform.

This implementation, the first SIP implementation in the financial industry, will allow Reuters to offer a messaging service that’s "really compelling, not a ‘me too’ to Bloomberg," says Devin Wenig, president of Reuters Information.

In fact, users need not even be Reuters customers to converse on the service, says Lewis Knopf, executive vice president of development and operations for Reuters Information. "They won’t be tied to taking Reuters. There won’t be a pre-requisite to buy 3000 Xtra or anything like that. It’s suitable for mid- to back-office, for journalists, for lawyers and communities."

Users will be able to log messages for audit purposes, to create directories and gated communities. "It’s all user-driven--they set the profile, decide who they want to talk to," says Knopf.

Knopf says that the first release of Reuters.Net will be a standalone messaging, but eventually it will be integrated into 3000 Xtra. "You’ll be able to cut things out of 3000 Xtra and send them over the messaging system," says Knopf.

Reuters.Net Messaging will include a global contacts directory of financial markets professionals and SSL-encrypted security. Also, users will have control over who has access to their contact details; it is easy to use and deploy, and it is easily customizable.