Industrial Development Bank of India (IDBI) become the first to implement the new feature of document embedding facility with Letter of Credit (LC) / Bank Guarantee (BG) messages over SFMS (Structured Financial Messaging System) platform of Indian Financial Technology and Allied Services (IFTAS). The process would be conducted via a middleware application “i@Connect-SFMS (CSFMS) developed by IDBI Intech.
About the Features:
- This new feature of “document embedding” provides banks with the functionality of transmitting a “pdf” document up to 1MB size along with the LC / BG messages.
- Through this feature, there will be the transmission of digitally signed documents which ensure the reliability of the transaction.
- The objective of this new feature is to further digitise the trade finance transactions and to secure the financial communication system.
Important takeaways for all competitive exams:
- IFTAS is a wholly-owned subsidiary of Reserve Bank of India (RBI).
- IFTAS Chairman: Tavarna Rabi Sankar.
- IFTAS CEO: Dr N. Rajendran.
- IFTAS Headquarter: Mumbai, Maharashtra.
- IDBI Bank Chairman: MR Kumar.
- IDBI Bank MD & CEO: Rakesh Sharma.
- IDBI Bank Headquarter: Mumbai, Maharashtra.
- IDBI BankTagline: Banking for All, Aao sochein Bada.