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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