Globsyn Enables Bharat Co-operative Bank To Go Live On SWIFT Network

Globsyn Infotech (formerly Synergy Log-In Systems) has announced that Bharat Co-operative Bank has successfully completed a critical project to connect to the SWIFT Network (Society for Worldwide Interbank Financial Telecommunication) and went live on February 08, 2009. This solution will help all branches of Bharat Co-operative Bank across 30 cities in India to connect to the SWIFT network using the TurboSWIFT suite from BankServ, USA.

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 financial institutions all over the world. SWIFT members include banks, broker-dealers and investment managers.

Vivek Shanbhag, AGM, Bharat Co-operative Bank (Mumbai), said, “RBI granted Bharat Co-operative Bank the forex licence after a thorough assessment of the bank’s ability to manage extended business volumes, its financial stability and existing infrastructure. We have seen a steep increase in the volume of forex business and wanted an owned, private SWIFT connection, which evidently became a part of the bank’s growth strategy. We opted for Globsyn Infotech as our SWIFT interface provider after a thorough due diligence. We did a detailed functional and technical study of the products available and found TurboSWIFT be a cost-effective SWIFT Interface meeting our bank’s present and futuristic needs. Additionally, as we believe in relationships, our main focus is always to associate with vendors with a remarkable support record. We did extensive reference checks with our contacts in the industry before deciding on Globsyn as our SWIFT interface provider.”

More from Biztech

Future Group - Reliance Retail Deal approved by CCI RBI ban on cryptocurrencies takes effect; prohibition could force investors to tap the black market