Globsyn enables Bharat Co-operative Bank to go live on Swift network

Bangalore: Globsyn Infotech, a provider of payments solutions has announced that Bharat Cooperative Bank, one of the leading Co-Operative banks, 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.

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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 as their payment solutions partner Vivek Shanbhag, A.G.M., Bharat Co-operative Bank, Mumbai said, "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 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."