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IDBI implements 'document embedding' feature on SFMS
TIWN
IDBI implements 'document embedding' feature on SFMS
PHOTO : TIWN

New Delhi, Sep 30 (TIWN) To ease the current process of manual verification, reconciliation and fraud reduction, IDBI Bank has implemented a new feature of "document embedding" on structured financial messaging system (SFMS).

SFMS allows intra and inter-bank message transfer.  Accordingly, IDBI became the first bank in India to have implemented the new feature of document embedding facility with ‘Letter of Credit’ (LC) or ‘Bank Guarantee’ (BG) messages over the SFMS platform of IFTAS which is a wholly owned subsidiary of the Reserve Bank of India.  The process would be conducted via a middleware application “i@Connect-SFMS (CSFMS) developed by IDBI Intech.  This new feature of document embedding provides banks with the functionality of transmitting a PDF document of up to 1 MB along with the LC or BG messages.

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