PNB fraud: Not all banks have SWIFT integrated with CBS, say bankers

It is up to the bank management to decide which application gets to interact with the CBS

The Society for Worldwide Interbank Financial Telecommunications (SWIFT) is just one of the processes that sits outside the core banking system (CBS) in banks.

According to technology experts, depending on the bank, anything between 68 and 169 processes are from third-party providers and banks don’t integrate most of them.

But some crucial applications do get integrated in the system, such as SWIFT. For example, in private sector banks, SWIFT is part of the CBS, as is the case with State Bank of India. But, at most public sector bank, SWIFT sits outside the CBS.

And it is up to the