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Since 1995, Globsyn Infotech has been a distributor of S.W.I.F.T. and other Secure Financial Messaging solutions in India. We are the only Indian technology organization to offer comprehensive payment solutions for SWIFT, RTGS, NEFT and SFMS networks with a strong pan-national presence including addressing geographies in the North, East, West and Southern India.

 

 

Turbo Swift

 

With the opening up of the Indian economy and its rapid integration with the global economy, the banking sector in India too has undergone a transformation. With a proactive policy making group comprising of the Reserve Bank of India, the Finance Ministry and financial sector regularity authorities, and a change in management thinking the banking index has grown at a compounded annual rate of over 51 per cent since April 2001 till 2010, as compared to a 27 per cent growth in the market index for the same period.

 

Given the growth of the sector it is no wonder that banks are not only looking at innovating, deploying technology and adopting alternative approaches to win the ‘race for the customer’ but more importantly looking at cost containment– which would increasingly be the key to profit sustainability as well as long term viability.

 

We strongly suggest that you take a look at TurboSWIFT – A SWIFT Approved FIN interface to help you to significantly bring down your forex based interbank transactions…

 

10 Most compelling reasons why your bank should useTurboSWIFT – the SWIFT Approved Interface:

1. Better Return on Investments: in a day and age when competition among banks is fierce, should your bank too not take advantage of moving to TurboSWIFT thus saving significantly on money that you pay to use a competitive product. TurboSWIFT not only gives your bank 600% more ROI (that includes retraining your staff on TurboSWIFT…) but also double the Benefit Cost Ratio (BCR) than your existing product. In simple terms the BCR gives the return on every rupee invested new technology, products, projects etc. The following table gives you the an indication of the ROI and BCR of TurboSWIFT and SWIFT Alliance products over a period of 5 years:

    

   

    

2. Bundled AML/OFAC product: TurboSWIFT comes along with a bundled AML/OFAC product – a feature that your bank would find increasingly useful given the introduction of BASEL II norms in India. Investing in an average independent AML/OFAC product would have set you back by 15 lacs to procure the product license and a steady outflow of 20% AMC – an investment that you would not need to incur if you opt for TurboSWIFTBetter Return on Investments: in a day and age when competition among banks is fierce, should your bank too not take advantage of moving to TurboSWIFT thus saving significantly on money that you pay to use a competitive product. TurboSWIFT not only gives your bank 600% more ROI (that includes retraining your staff on TurboSWIFT…) but also double the Benefit Cost Ratio (BCR) than your existing product. In simple terms the BCR gives the return on every rupee invested new technology, products, projects etc. The following table gives you the an indication of the ROI and BCR of TurboSWIFT and SWIFT Alliance products over a period of 5 years:

    

3. True Traffic Licensing: TurboSWIFT does not have any license restrictions on number of INBOUND messages received by the bank in a day. License restriction is only applicable on OUTBOUND messages sent by the bank in a day. Thus SWIFT Interface AMC Charges are also calculated only on outgoing messages. Competitive SWIFT applications used by bank charge AMC on a band that calculates the total of both outgoing and incoming messages. With TurboSWIFT your bank pays only for what it really uses saving significant costs!

    

4. Database Independent: TurboSWIFT supports ORACLE, Informix, Sybase, MS SQL 2008 Express Database is provided as default. Using the Oracle replication tool the Bank can have a real-time database replication for Oracle database. Your BANK can leverage your existing technology investments in a database system without having to invest in new database systems just because your bank needs a robust SWIFT Interface

    

5. Concurrent User Licensing: Unlike competitive products, TurboSWIFT’s licensing is based on concurrent users and not on physical copies. Thus, the client-software installation can be at multiple locations at no extra cost as long as the concurrent user login restrictions are met.

    

6. Free Inter Branch Messaging: Designed keeping the user in mind and to keep costs of communications down TurboSWIFT can be used by all the inter-connected branches of your Bank to send/receive messages internally without actually touching the external SWIFT network – thus saving significant costs, while offering a secured way of exchanging messages between all the branches of your bank.

    

7. Enabling 2-way STP between Back Office and SWIFT – no costly Messaging Middleware needed - TurboSWIFT is the first SWIFT ready interface to directly integrate with any back office system being able to generate SWIFT formatted messages. TurboSWIFT can be configured to directly accept data from a back office system and process it further in keeping with the business needs of your bank. Furthermore TurboSWIFT is equipped with the capability of doing stringent message validations for the messages generated from a back office system!

    

8. Web-enabled User Interface for ease of use: TurboSWIFT offers a Browser based client module TurboWeb. TurboWeb works with standard Internet Explorer configuration – No need to download ActiveX controls or special applets in order to log in. This enables your entire Network to be LIVE with SWIFT at any given point of time. TurboSWIFT supports form-driven entry for all SWIFT message types, including full message validation, re-key verification, correction, and message release, all according to SWIFT standards. It even provides for productivity features such as batch verification, message cloning, BIC address expansion, amount formatting to improve readability, and special field defaults for dates and transaction numbering

    

9. Scalability at an affordable cost: When used with TurboConnect and TurboWEB, the entire SWIFT system is scalable to any geographical distribution, message volume and number of users. All the branches connected over the secured WAN are automatically SWIFT Ready

    

10. Automated SWIFT operations along with Robust Archiving: For non-attended environments, TurboSWIFT can be configured for fully automatic and fail-safe operation supporting numerous links to back-office and related applications. Thus is coupled with automatic archiving of all messages and history enables easy to use Offline and Online inquiries on Current as well as Archived messages. The Intrinsically built in feature of cloning allows cloning of messages from archived as well as from live messages which gets saved as an entirely new message without affecting the current message in the database.

     

Need to know more?

We would be happy to arrange for a demo at your bank or should you like us to send us Case Studies of SWIFT Alliance migration to TurboSWIFT or Customer Referrals please don’t hesitate to ask us.