Categories: Banking

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

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.

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Sumit Arora

As a team lead and current affairs writer at Adda247, my role involves researching and creating informative and engaging content aimed at helping candidates prepare for national and state-level competitive government exams. I specialize in delivering insightful articles that keep aspirants updated on the latest current affairs trends and developments. My primary focus is on educational excellence, ensuring that our readers are well-prepared and informed to face their exams with confidence. Through meticulously crafted content, I aim to guide and support candidates in their journey toward success.