 "Synlog Helps SVC Bank Connect To SWIFT")
Synlog (Synergy Log-In Systems), a BSE-listed 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 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 over 8,100 financial institutions in 208 countries and territories. SWIFT members include banks, broker-dealers and investment managers.
Commenting on the bank’s decision to opt for their own SWIFT connection and selection of Synlog – a Globsyn Company – as their payment solution provider, Shrinivas D Joshi, CEO, SVC Bank said, “SVC Bank has the privilege to be licensed by RBI as Authorised Dealer Category I to deal in foreign exchange. The bank has taken the decision to enable its forex operations with contemporary infrastructure so as to render efficient customer service. SWIFT direct connectivity is one such step in this direction. SVC Bank now has its own Bank Identifier Code or BIC (SVCBINBB), thereby giving it an international identification. Now SWIFT has made the Relationship Management Application (RMA) system mandatory in place of Bilateral Key Exchange (BKE) among the correspondents and financial institutions. SVC Bank is pleased to announce the RMA compatibility in its interface software. SVC Bank has selected the software of Synergy Log-in (Synlog) for SWIFT interface with Straight Through Process (STP) for inward and outward messaging system”.
“We are pleased to have worked with SVC Bank on this strategically important project. There is clear requirement in the Indian market for effective and efficient SWIFT messaging solutions and BankServ’s products are a perfect fit to solve this need,” commented Bikram Dasgupta, chairman, Synlog.
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 has recently implemented its in-house core-banking solution, and the TurboSWIFT implementation will be integrated with this core.