Globsyn connects Bank of Bahrain, Kuwait to SWIFT

Kolkata, Dec 3 : Globsyn Infotech Limited (formerly Synergy Log-In Systems Limited) (BSE: 511503), a payment solutions company, has bagged the order for migrating Bank of Bahrain and Kuwait from their existing SWIFT Alliance to TurboSWIFT for connecting to the SWIFT Network (Society for Worldwide Interbank Financial Telecommunication).

There are currently 12 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.

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.

Bikram Dasgupta, Chairman and CEO, Globsyn Infotech Limited said, "With our experience in payment solutions, this added association with the Bank of Bahrain and Kuwait has helped us strengthen our clientele in the global circuit FOREX operations. We are confident that Globsyn suite of products will enhance operational and service range of Bank of Bahrain and Kuwait. Bank of Bahrain and Kuwait also marks our entry in the space of enabling payment systems for Foreign banks in India."

For Bank of Bahrain and Kuwait, which is already using the Treasury suite I.T.M.S. from Globsyn Infotech Limited, the advantage of migrating from SWIFT Alliance to TurboSWIFT is a quantum leap in functionality and technology, while reducing cost of operations of the SWIFT service.

With this enhanced software both - Mumbai and Hyderabad branches of the bank are now connected to the SWIFT network with room for adding branches, in future. Hitherto, the SWIFT connection was restricted to the Mumbai branch only.