San Francisco (PRWEB) September 18, 2008
Shamrao Vithal Co-Operative Bank, Ltd. (SVC Bank) of India today announced the successful implementation of its new financial messaging system, based on BankServ's TurboSwift solution, which will make international financial transactions - including payments and securities - much faster and less expensive for SVC customers.
SVC Bank chose TurboSwift as its financial messaging solution because of its superior automation capabilities and ease-of-use for sending information over the SWIFT Network. With TurboSwift, SVC Bank successfully converted to a state-of-the-art, automated financial messaging platform, replacing a manual process for submitting international payment messages. BankServ's system will automatically screen payment messages for errors and route incoming transfers to the appropriate location. In addition, tools built into TurboSwift make distribution, receiving and managing messages much easier for SVC employees. This automation and simplification of processes translate directly into reduced operations costs for SVC and lower transaction costs for its customers.
"The Indian banking sector is experiencing significant growth and is witnessing unprecedented demand for financial products and services. SVC Bank's customers are increasingly looking for ways to conduct international business or invest overseas," said Mary Ellen Putnam, BankServ's vice president and general manager, International. "By switching to TurboSwift, SVC Bank will be best able to support growing customer demand by providing a faster, more cost-effective way to enable international payments and transactions."
The TurboSwift system will give individual SVC bank branches the option to send international payments directly, instead of having to go through the wire transfer room in the bank's main office. Computers in the branches will remain connected to the central TurboSwift server in real time, so each branch can operate as if it has a remote terminal on-site.
Installation of the new system was conducted by Synergy Log-In (http://www.synlog.net), a Globsyn company and BankServ's value-added partner for distribution and customer support in India. Bikram Dasgupta, chairman, Globsyn, commented, "We are pleased to have brought SVC Bank on board with this strategically important project. There is a clear need in the Indian market for cost-effective messaging solutions, and BankServ's products are a perfect fit to solve this need."
Contact BankServ at +44 (0) 20 7562 7620 outside the United States or (415) 277-9900 in the United States. Companies attending SIBOS 2008 in Vienna between 15-19 September can visit BankServ's booth #B204.
Since 1996, BankServ has been developing and delivering electronic payments and messaging solutions for financial institutions and other corporations across the globe. More information about privately held BankServ can be found at http://www.bankserv.com.
About Shamrao Vithal Co-operative Bank, Ltd.
Founded in 1906, SVC Bank was set up with the primary objective of assisting the less fortunate members of the community in its economic enterprises, to encourage savings and to create funds for providing financial aid to deserving members. With over 76,077 members, SVC Bank today boasts 61 branches, 7 Extension counters and 43 ATM Centres spread over the States of Maharashtra, Karnataka and Goa.
About Synergy Log-In
Synergy Log-In, a global software group with a wealth of experience in the Banking, Investment and Financial services verticals and operations in India, USA, UK and Malaysia, is engaged in development and delivery of technology solutions in multiple markets. The flagship company Synergy Log-In Systems Ltd. is listed on Indian bourses since 1994. The Paid-up Equity capital is a little under 4.0 Million USD
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