Mumbai, Jun 16: Synlog, a Globsyn company has helped Shamrao Vithal Cooperative (SVC) Bank to connect to Society for Worldwide Interbank Financial Telecommunication (SWIFT) network for their International financial transactions.
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.