IDBI Bank turns into 1st financial institution to allow doc embedding characteristic on SFMS

Industrial Development Bank of India (IDBI) turn out to be the primary to implement the brand new characteristic of doc 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 course of could be carried out through a middleware software “i@Connect-SFMS (CSFMS) developed by IDBI Intech.


About the Features:

  • This new characteristic of “document embedding” gives banks with the performance of transmitting a “pdf” doc as much as 1MB dimension together with the LC / BG messages.
  • Through this characteristic, there would be the transmission of digitally signed paperwork which make sure the reliability of the transaction.
  • The goal of this new characteristic is to additional digitise the commerce finance transactions and to safe the monetary communication system.

Important takeaways for all aggressive 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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