Synlog helps SVC Bank connect to SWIFT

MUMBAI, INDIA: Synergy Log-In Systems (Synlog) 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 using the TurboSWIFT suite from BankServ, USAm.

TurboSwift is a certified messaging interface used at various banks around the world for secure messaging of international funds transfer, conforming to the SWIFT standard.

SWIFT is the industry-owned co-operative, which provides secure, standardized 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.

Shrinivas D Joshi, CEO of SVC Bank said: "Now SWIFT has made the Relationship Management Application system mandatory in place of Bilateral Key Exchange among the correspondents, financial institutions. SVC Bank is pleased to announce the RMA compatibility in its interface software. We have selected the software of Synlog for SWIFT interface with Straight Through Process for inward and outward messaging system."

"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," said Synlog chairman Bikram Dasgupta.