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IDBI Bank Became the first Bank to Enable Document Embedding Feature on SFMS Managed by IFTAS

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IDBI Bank become the first bank to enable document embedding feature on SFMS managed by IFTASOn September, 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) through its middleware application i@Connect-SFMS (CSFMS) developed by IDBI Intech Limited.

  • 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 transmission of digitally signed documents which ensure 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.

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About Indian Financial Technology and Allied Services (IFTAS):
It is a wholly-owned subsidiary of Reserve Bank of India (RBI)
Chairman– Tavarna Rabi Sankar
Chief Executive Officer (CEO)– Dr N. Rajendran
Headquarter– Mumbai, Maharashtra

About Industrial Development Bank of India (IDBI):
Chairman– MR Kumar
Managing Director (MD) & Chief Executive Officer (CEO)– Rakesh Sharma
Headquarter– Mumbai, Maharashtra
Tagline– Banking for All, Aao sochein Bada