Synergy Log-in, a BSE-listed company, and the exclusive partner in India for marketing and implementation of TurboSwift, Bankserv’s full-featured and certified SWIFT messaging interface (CBT) used at various banks for secure messaging of international funds transfer, announced that it has completed country-wide upgradation of the Bankserv software suite installations to the new SWIFT-2007 messaging standard, ahead of the deadline imposed by the SWIFT network. The software suite primarily consists of TurboSWIFT, TurboBranch, TurboConnect, and TurboWeb.

SWIFT is the industry-owned co-operative supplying 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. SWIFT have upgraded their message standards, with the new standards to be live from October 27^th 2007. After this date, inter-bank messages in the older format would be rejected by the network. 

TurboSwift from Bankserv is the market leading product suite, widely implemented in dealing rooms, treasury desks and payment hubs in various banks in India.  Synergy Log-in, the Indian partner for Bankserv for over a decade, has supplied the upgraded suite and helped all its customer banks to migrate to the new platform seamlessly, a week before the deadline imposed by SWIFT.  As the implementation partner for BankServ, the Synergy Log-in team worked with its client banks, including such industry leaders as Union Bank of India, Vijaya Bank, and Bank of Rajasthan,  and YES Bank across 215 branches to ensure that the relevant upgrade reached every branch for the products that it was accessing, and that the upgrade was implemented without hold-up of ongoing transactions. Synergy Log-in’s customer support teams worked onsite at client banks to bring their implementations across locations nationally up to the new standard with unrestricted visits on request, backed by 24/7 telephone support.

The 15-year old, ISO 9001:2000 certified, Synergy Log-in has been a leader in the Indian market through two generations of products under usage in Banks like HDFC Bank, Punjab National Bank and Bank of Bahrain and Kuwait. Its solutions have also been implemented in leading Banks overseas making it one of the few Companies with a successful international software product from India. Three of the leading Banks in Sri Lanka, three in Nigeria and the largest Bank in Oman and Kenya are important customers of Synergy Log-in. The Company distributes payments solutions of international vendors like Bankserv USA and has its own solution in the RTGS space, making it a unique organization that enables payment solutions on both, the SWIFT and RTGS networks.

Synergy Log-in’s services business group has been successfully delivering a whole range of application software-related services since 1996, largely focused on the BFSI sector, with specific focus on Banks. The Company’s Development & Resource Centres are located at Chennai and Mumbai in India and at Kuala Lumpur in Malaysia.  The Chennai facility is one of it’s largest and fastest growing off-shore development centres in the country, while the Mumbai Resource Centre is within close proximity to all the major financial markets, banks and institutions in the country’s commercial capital. The Kuala Lumpur Resource Centre is located in the prestigious Multimedia Super Corridor (MSC), Malaysia's state-of-the-art Tech Hub.

The BSE-listed Synergy Log-in was last year acquired by Globsyn Technologies, the Kolkata-based IT education and services pioneer in institution building. The new management helped consolidate and expand Synergy Log-in’s strong foothold in the banking and financial services industry. Says Bikram Dasgupta, Chairman Globsyn Group, “Right from the beginning, our aim was to restore customer faith in Synergy Log-in and its service capabilities.  Globsyn, with its strong international and emerging markets marketing experience, customer centric policies and processes helped infuse fresh blood to Synergy Log-in's marketing, customer service and product development competencies.”  Elaborating on the project to implement the new SWIFT standard upgrade at customer banks, Dasgupta added, “Synergy Log-in has undergone significant re-structuring with customer-responsiveness as the primary focus. We set out to demonstrate our commitment to our customers and beating the deadline is yet another proof of that commitment.”  Since acquisition, there has been a turn around in the company, which has started showing results, both in terms of the bottom line, as well as in terms of customer services. Synergy Log-in has shown profits for the last 3 quarters and is well set on a growth path.   

Sourced From: MelCole Public Relations