The US financial services firm, Edward Jones has closed a five-year, $54 million (£27.5m) deal with AT&T to build a global network that will replace satellite links to 10,000 branch offices throughout the UK and US.

The network will be created using AT&T internet protocol (IP) virtual private network (VPN) services that ride over the carrier’s MPLS network. It will carry voice, video and data services.

On its way out is Edward Jones’ 20-plus-year-old satellite (VSAT) network. “The satellite system is no longer adequate to serve our growing branch network, so we’ve designed this technology upgrade to ensure reliable access to applications that complement face-to-face customer interaction in all branch offices,” said Edward Jones CIO, Vinny Ferrari in a statement.

AT&T says it will support class of service and multicasting over the Edward Jones’ VPN to provide predictable performance and support for certain applications.

The carrier also announced that Edward Jones signed a $22.5 million, six-year extension to its OneNet contract, which includes voice, contact centre, internet and calling card service.