SVC Bank, with branches across 13 cities mainly in western India, was connected to the SWIFT network by Synlog (www.synlog.net) using the TurboSWIFT suite from BankServ, USA, according to a Synlog release here. TurboSwift is a full-featured and certified messaging interface (CBT) used at various banks around the world for secure messaging of international funds transfer (Forex), conforming to the SWIFT standard.
SWIFT is the industry-owned co-operative, which provides secure standardised messaging services and interface software to over 8,100 financial institutions in 208 countries and territories. SWIFT members include banks, broker-dealers and investment managers.
Prior to this implementation, the bank had been routing its funds transfer transaction messages through a partnership with the Karnataka Bank, which is also a client of Synlog.
SVC Bank is among the five largest banks in the co-operative sector and has been in business for over 100 years. In recent times it has implemented its in-house core-banking solution, and the TurboSWIFT implementation will be integrated with this core.