Mumbai: Synlog, 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.
This is the industry-owned cooperative, which provides secure, standardized messaging services and interface software to over 8,100 financial institutions in 208 countries and territories. 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, “SWIFT has made the Relationship Management Application (RMA) system mandatory in place of Bilateral Key Exchange (BKE) among the correspondents, financial institutions.”