Re Agreement

Gresham Computing PLC
16 October 2001


For immediate release                                          16 October 2001

                  CABLE & WIRELESS AND GRESHAM COMPUTING plc

                   LAUNCH CABLE & WIRELESS REAL TIME NOSTRO

Cable & Wireless, the global telecommunications group, and Gresham Computing
plc (Gresham), today announced a collaborative revenue sharing agreement to
meet a pressing need within the banking community: online access to real-time
information.

This collaboration will combine the financial strength and global
business-class internet infrastructure of Cable & Wireless, the enterprise
applications expertise of Gresham and the 2Way Web Services hosting capability
of Digital Island, a wholly owned Cable & Wireless subsidiary. The new venture
will be marketed globally by Cable & Wireless as Cable & Wireless Real Time
Nostro, and is scheduled to be commercially available globally in the summer
of 2002.

Cable & Wireless Real Time Nostro is being developed in consultation with a
number of global banks to meet a growing need from banks to manage:


  * Settlement risk - the Bank for International Settlements (BIS) has urged
    banks to reduce the time between when a trade is entered into and when it
    has been judged as irrevocably settled

  * Liquidity - banks can only manage money when they know they have
    received it

  * Operational risk - allowing banks to query on-line errors.

C&W Real Time Nostro builds on the excellent work by the Open Group to create
open data standards for all types of payments passing through banks. Gresham
was a leading participant in this work and helped establish the basis upon
which any number of banks can communicate using a common standard. This work,
together with the flexible environment offered by C&W global IP data network,
is designed to allow clients of C&W Real Time Nostro unparalleled flexibility
in sharing Nostro account information in a cost effective manner.Its unique
features will include:


  * Time-stamped information

  * An irrevocability indicator confirming completed transactions

  * IP-based network connections for all subscriber banks running Nostro
    accounts, worldwide

'This will be a unique opportunity to reap the benefits of a single, secure
network business function that is global, runs right to the desk top, and
delivers real reductions on the costs and risks of doing business in a
high-stakes environment,' said Gareth James, Cable & Wireless' senior vice
president, Enterprise UK and Ireland.

Andrew Walton-Green, Chief Executive of Gresham said 'I am very pleased to
enter into this arrangement with Cable & Wireless. They bring an unbeatable
offering through a combination of their secure web-hosting services, global
telecommunications reach and financial strength. I believe this service will
provide customers with a powerful mechanism to share information and improve
performance in the global financial system. Compared with current batch
processes we are building the foundation for a wholly new way of dealing with
payments information.'

'Gresham has a superb team of people and a history of providing world class
enterprise software. We have invested heavily in this new application,
particularly over the last half year, and there is still much to do to bring
this to market. However, the opportunity afforded through this exclusive
agreement with Cable & Wireless should enable the full potential of our
intellectual property to be realised.'

Cable & Wireless Real Time Nostro brings together two industry respected
leaders in Cable & Wireless and Gresham, and will ensure leading standards of
performance, security and reliability.

About Cable & Wireless

Cable & Wireless is a major global telecommunications business with revenue of
over £8 billion (US$11 billion) in the year to 31 March 2001 and customers in
70 countries. Cable & Wireless' focus for future growth is on IP (Internet
Protocol) and data services and solutions for business customers. It is
developing advanced IP networks and value-added services in the US, Europe and
the Asia-Pacific region in support of this strategy. With the capability of
its global IP infrastructure and its strength in key markets, Cable & Wireless
holds a unique position in terms of global coverage and services to business
customers. For more information about Cable & Wireless, go to www.cw.com.

About Cable & Wireless Digital Island

Digital Island(R), a Cable & Wireless company, is the industry's first
provider of 2Way Web Services that enable enterprises to leverage the Internet
to increase the profitability of online operations, increase customer value
and decrease costs. Digital Island provides robust managed hosting, content
delivery and network infrastructure and applications required to transact,
deliver, and manage profitable transactions and interactions. As a Cable &
Wireless company, Digital Island operates data centers in the United States,
Asia-Pacific region and Europe and has a global content delivery network that
reaches more than 35 countries worldwide. Digital Island also leverages Cable
& Wireless' advanced IP network reaching 70 countries. Digital Island is
headquartered in San Francisco. www.digitalisland.net

About Gresham Computing Plc

Gresham's world class range of software products is used by organisations
throughout the world for mission-critical applications. The company's products
form the basis for total end-to-end solutions, backed-up by a complete range
of professional services merging the traditional need for data resilience,
testing and security with new value-added technologies. Customers include a
wide variety of leading international blue-chip corporations such as financial
services, utility suppliers, e-businesses and telecoms providers, in addition
to public sector organisations including local authorities, health, education
and central government.

Gresham Computing is listed on the London Stock Exchange (GHT) and has offices
throughout the world. www.gresham-computing.com.


For further information, please contact:

Gresham Computing plc                                              01489 555522
Andrew Walton-Green, Chief Executive Officer

Weber Shandwick Square Mile                                       020 7601 1000
Edward Macquisten

Cable & Wireless                                                  020 7315 2977
David Thain