Abhyudaya Co-op Bk joins SWIFT track

MUMBAI: Globsyn Infotech Limited has bagged the order for migrating Abhyudaya Co-operative Bank from their existing SWIFT Alliance to TurboSWIFT for connecting to the SWIFT Network (Society for Worldwide Interbank Financial Telecommunication). There are currently 10 banks in India, using the TurboSWIFT suite of products to connect to the SWIFT network. Across the world over 400 banks use the TurboSWIFT suite to connect to the SWIFT network.

TurboSwift is a full-featured and SWIFT certified messaging interface (CBT) used at various banks around the world for secure messaging of international funds transfer (Forex), conforming to the SWIFT standard, explains a press release.  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.

For Abhyudaya Co-operative Bank, which was hitherto connecting to the SWIFT network using a shared connection from another public sector bank, migrating from SWIFT Alliance in a shared mode to TurboSWIFT with an owned-connection is a quantum leap in functionality and technology, while reducing cost of operations of the SWIFT service.