Wednesday, 30 September 2020
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.
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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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