Scam-hit PNB acts to integrate SWIFT into its core banking solution

State Bank of India, the country's largest, uses products from Tata Consultancy Services for its CBS

Hit by a Rs 110-billion fraud, government-owned Punjab National Bank (PNB) has finally moved to integrate the SWIFT international financial communication system into its Core Banking Solution (CBS). Done through upgrading its banking software, Finacle 7, to Finacle 10. 

While the system to capture SWIFT in CBS has already been done, the upgradation could face teething problems, sources said. Upgradation to the new product (from Infosys) will stabilise by this month-end, they add. 

However, the sources aver, this development isn’t linked to the fraud associated with diamond jeweller Nirav Modi, uncle Mehul Chinubhai Choksi and other relatives through a number