SVC Bank Deploys BankServ TurboSwift Solution

Shamrao Vithal Co-Operative Bank (SVC Bank) of India has announced the successful implementation of its new financial messaging system, based on BankServ’s TurboSwift solution, which will make international financial transactions – including payments and securities – much faster and less expensive for SVC customers.

SVC Bank chose TurboSwift as its financial messaging solution because of its superior automation capabilities and ease-of-use for sending information over the SWIFT Network. With TurboSwift, SVC Bank has now converted to an automated financial messaging platform, replacing a manual process for submitting international payment messages.

BankServ’s system will automatically screen payment messages for errors and route incoming transfers to the appropriate location. In addition, tools built into TurboSwift make distribution, receiving and managing messages much easier for SVC employees. This simplification of processes translates directly into reduced operational costs for SVC and lower transaction costs for its customers.

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“The Indian banking sector is experiencing significant growth and is witnessing unprecedented demand for financial products and services. SVC Bank’s customers are increasingly looking for ways to conduct international business or invest overseas,” said Mary Ellen Putnam, BankServ’s vice president and general manager, International. “By switching to TurboSwift, SVC Bank will be able to support growing customer demand by providing a faster, more cost-effective way to enable international payments and transactions.”

The TurboSwift system will give individual SVC bank branches the option to send international payments directly, instead of having to go through the wire transfer room in the bank’s main office. Computers in the branches will remain connected to the central TurboSwift server in real time, so each branch can operate as if it has a remote terminal on-site.

Installation of the new system was conducted by Synergy Log-In, a Globsyn company and BankServ’s partner for distribution and customer support in India. Bikram Dasgupta, chairman, Globsyn, said, “We are pleased to have brought SVC Bank on board with this strategically important project. There is a clear need in the Indian market for cost-effective messaging solutions, and BankServ’s products are a good fit to solve this need.”