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IDBI Bank becomes 1st bank to enable document embedding feature on SFMS

IDBI Bank becomes 1st bank to enable document embedding feature on SFMS_50.1

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.

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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.

Find More Banking News Here

IDBI Bank becomes 1st bank to enable document embedding feature on SFMS_60.1

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