Globsyn puts Bharat Co-op Bank on Swift network

Source: Globsyn

Globsyn Infotech Limited (formerly Synergy Log-In Systems Limited)(BSE: 511503), a well-known technology company with deep domain expertise in Payments Solutions and services announced today that Bharat Cooperative Bank Limited, a leading 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 08-Feb-2009. This solution will help all their branches across 30 cities in India 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 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 Globsyn Infotech Limited (formerly Synergy Log-In Systems Limited) as their payment solutions partner, Mr. Vivek Shanbhag, A. G. M., Bharat Co-operative Bank (Mumbai) Limited said, "RBI granted The Bharat Co-operative Bank (Mumbai) Limited the Forex License 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 Limited 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 remarkable support record. We did extensive reference checks with our contacts in the industry before deciding on Globsyn as our SWIFT interface provider."

"We are pleased to have worked with Bharat Co-Operative Bank Limited on this strategically important project. There is clear requirement in the Indian market for effective SWIFT and messaging solutions and our expertise coupled with BankServ's products are a perfect fit to address this need. This is in line with our busiusiness strategy of partnering with Co-Operative and Tier-II Banks to help them utilize the potential of technology to the fullest, and our association with Bharat Co-Operative Bank Limited is a positive step in that right direction. We have already implemented TurboSwift in nine banks; moreover most banks that have received fresh Forex Licenses, in this fiscal, have chosen us as their Payment Solutions partner, which is not only a significant achievement, but goes a long way in proving the faith our customers put on us for mission critical assignments" commented Mr. Bikram Dasgupta, Chairman, Globsyn Infotech Limited.

TurboSwift from Bankserv is their flagship product suite, widely implemented in payment hubs in various banks in India. Globsyn Infotech Limited has been the Indian partner for Bankserv for over a decade now.

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