Globsyn Infotech Implements TurboSWIFT Solution At two Banks

Bassein Catholic Bank and Thane Janata Sahakari Bank migrate to  TurboSWIFT Payment Solutions

Globsyn Infotech, the software products and services division of Globsyn Group, with expertise in Treasury Management and Payment Solutions Products and Services, has implemented TurboSWIFT solution incorporating the interface for SWIFT connections at two Mumbai-based national banks – the Bassein Catholic Bank and Thane Janata Sahakari Bank. The solution, implemented over ten branches of the two banks will enable them to improve their customer service by automating several internal business processes and enhance customer relationship management. With TurboSWIFT, the banks get a robust and high end SWIFT solution which directly counters the high maintenance cost, high migration and implementation cost, manual intervention, limited integration capabilities, limited features, proprietary database and rigidness faced with SWIFT’s own interface.

SWIFT is the Society for Worldwide Interbank Financial Telecommunication, which provides a network that enables financial institutions worldwide to send and receive information about financial transactions in a secure, standardized and reliable environment. The Globsyn Infotech supported TurboSWIFT, with its robust and technically enriched functionality and low total cost of ownership (TCO) makes it the preferred interface for Indian Banks. Due to increase in TCO, exorbitant AMC, limited support and product capabilities of SWIFT’s own interfaces, the vendor-developed and SWIFT accredited TurboSWIFT has emerged as the best available option for banks to meet their dynamic needs like seamless integration, reconciliation and customer notifications.

Earlier, Globsyn Infotech, along with its partner D+H (erstwhile Fundtech), had played an instrumental role in bringing 300+ branches of Yes Bank, Vijaya Bank, Karnataka Bank, United Bank of India, Punjab & Sind Bank, Union Bank of India, Bank of Bahrain & Kuwait, Bharat Bank, and Abhyudaya Bank on to the TurboSWIFT bandwagon.

Commenting on the addition of Bassein Catholic Bank and Thane Janata Sahakari Bank to their TurboSWIFT clientele, Globsyn Infotech MD Romit Dasgupta said, “Our Globsyn Infotech team along with support from D+H completely dedicated themselves to assist Thane Janata Sahakari Bank to migrate over to TurboSWIFT and helped Bassein Catholic Bank to get live over the SWIFT network. The entire migration and implementation process involved ordering new SWIFT connectivity security components along with customization of TurboSWIFT as per the banks’ specific requirements, all of which were successfully completed within definite timelines.”

Explaining the Bank’s decision to migrate from SWIFT’s own interface to TurboSWIFT, Sanjeev Kamat, General Manager IT at TJSB Bank said, “After detailed technical and functional comparison with our existing SWIFT solution, our operations team observed several benefits within TurboSWIFT which helped our Bank in automating several internal business processes which were earlier done manually which caused delay in the message transmission process. Apart from providing SWIFT access to multiple branches, we have reduced our recurring cost to manage SWIFT services and were really amazed at Globsyn Infotech team’s support and tireless dedication in completing the migration journey very smoothly in a planned manner.”

Mrs. Brijdina Coutinho, Principal General Manager of Bassein Catholic Bank said, “We selected TurboSWIFT software for its user friendly features. We are sure Globsyn Infotech team will guide the Bank in SWIFT’s usage as efficiently as they have installed, tested and made SWIFT connectivity live in December 2015, well within SWIFT’s target date.”

TurboSWIFT is an ideal replacement SWIFT solution for banks which get the triple benefits of lowered TCO, direct SWIFT connection and enriched product capabilities. Globsyn Infotech’s partner, D+H’s SWIFT interfaces are running live in more than 1000+ Banks globally.

Founded by Bikram Dasgupta, a technology entrepreneur of global repute, Globsyn Group has left a mark in each of the verticals that it works in and has many firsts to its name, including the conceptualization of ‘Infinity’ in 1996 – India’s first truly intelligent ‘Plug n Play’ infrastructure, the model around which Software Parks have been developed in India and pioneering the Software Finishing School™ System in 1997 – based on which 75000+ engineering graduates have been trained over the years to become ‘industry ready’.