Bank tightens SWIFT authentication

The audit committee of Punjab National Bank (PNB) said the bank has implemented a three-level authentication process for financial transactions through SWIFT system, which are being monitored at the bank's head office.

In addition to the proposed alignment of SWIFT with core banking solution system, a third-level of reauthorisation of all financial messages through SWIFT was incorporated by the lender on Feb 12 by putting in an additional tier at the SWIFT Centre in Mumbai.

In a clarification to the exchanges dated Friday but made available late on Monday, the audit committee of the second largest stateowned bank said the lender has been given appropriate directions to immediately integrate SWIFT to its core banking solution system and suggested the bank's quality of external audit be improved.