Press Release
TurboSWIFT Enables YES BANK to Join SWIFT Network in Record Time
Synergy Log-In sets new track record
December 09, 2004 - Mumbai — YES BANK, India's new generation private sector bank, has gone live on the international SWIFT network, using TurboSWIFT, the robust and scalable SWIFT-approved interface device from BankServ International, in a record time of four months. With this, YES BANK can exchange international payments and other financial information on the global SWIFT network. The leading Treasury software vendor, Synergy Log-In Systems have been the distributors for BankServ International products in India with 6 other banks using TurboSWIFT.
BankServ International won the YES BANK mandate amidst stiff competition and following an in-depth techno-business evaluation as its switch had the best functional fit with YES BANK's business and system requirements. Developed on web-technology TurboSWIFT is Platform and Database independent, facilitating convenient integration. Its scalable, open architecture is capable of processing up to 100,000 messages per day. TurboSWIFT is currently being used successfully by over 300 banking institutions worldwide including some of the largest and most prestigious global banks.
Announcing this, Mr. Rana Kapoor, MD & CEO, YES BANK (MAIN PROMOTER), said, "We chose TurboSWIFT for its proven track record, its processing speed, user friendly features and its highly scalable SWIFT message switch, which we can leverage further to maximize business efficiencies."
Mr. Sanjay Kumar, CEO of Synergy Log-In, the Indian distributors of BankServ International said, "This selection is an endorsement of the features of TurboSWIFT and our implementation and support capabilities. TurboSWIFT's flexibility and in-built STP (Straight Thru Processing) feature enable connection with all back-end retail or treasury solutions and route messages on any logical criteria. It's responsive features and context-sensitive help screen reduces training efforts facilitating early deployment."
About Synergy Log-In Systems
Synergy Log-In is a specialist product vendor in the treasury, investment and risk management areas since 1993. It's second generation treasury product ITMS is the market leader in India and is currently deployed at over 25 sites across five countries in the Middle East, Africa and Asia. The product has been rated in the Global Top Ten in wholesale banking systems by IBS Publishing UK in since 2001.
Synergy Log-In has also recently launched LAMPS, its payments solution and STP platform for RTGS payments.
About YES BANK
Promoted by Mr. Ashok Kapur and Mr. Rana Kapoor, two senior and accomplished banking professionals with demonstrated entrepreneurial expertise, YES BANK is envisaged to be a high quality, knowledge based, technology driven, state-of-the-art private Indian Bank catering to "Emerging India". The two Indian promoters jointly hold 52% of the bank's equity while 20% of the equity is held by Rabobank, Netherlands, a part of the Rabobank Group, which is the only 'AAA' rated private bank in the world. Three other high quality private equity institutional investors: CVC-Citigroup - New York; AIF Capital - Hong Kong; and ChrysCapital - San Francisco collectively own 25% of the equity. The balance 3% has been subscribed by top management executives.
YES BANK has commenced operations from its Nehru Centre Corporate Headquarters in Mumbai and its Northern Regional Office in New Delhi, and intends to be a leading financial player with a focused approach. It plans to gradually target wholesale banking, financial markets, corporate and transactional banking, retail and private banking business lines across the country.