India's Yes Bank joins Swift network with BankServ
13 December 2004 | 1857 views | 0
Source: Synergy Log-In Systems
YES BANK, India's new generation private sector bank, has gone live on the international SWIFT network, using TurboSWIFT, the robust and scalable SWIFT-approved interface device from BankServ International, in a record time of four months. With this, YES BANK can exchange international payments and other financial information on the global SWIFT network. The leading treasury software vendor, Synergy Log-In Systems have been the distributors for BankServ International products in India with six other banks using TurboSWIFT.
BankServ International won the YES BANK mandate amidst stiff competition and following an in-depth techno-business evaluation as its switch had the best functional fit with YES BANK's business and system requirements. Developed on web-technology TurboSWIFT is platform and database independent, facilitating convenient integration. Its scalable, open architecture is capable of processing up to 100,000 messages per day. TurboSWIFT is currently being used successfully by over 300 banking institutions worldwide including some of the largest and most prestigious global banks.
Announcing this, Mr. Rana Kapoor, MD and CEO, YES BANK (main promoter), said, "We chose TurboSWIFT for its proven track record, its processing speed, user friendly features and its highly scalable SWIFT message switch, which we can leverage further to maximize business efficiencies."
Mr. Sanjay Kumar, CEO of Synergy Log-In, the Indian distributors of BankServ International said, "This selection is an endorsement of the features of TurboSWIFT and our implementation and support capabilities. TurboSWIFT's flexibility and in-built STP (straight-through-processing) feature enable connection with all back-end retail or treasury solutions and route messages on any logical criteria. It's responsive features and context-sensitive help screen reduces training efforts facilitating early deployment."