Structured Financial Messaging System (SFMS) is a secure messaging standard developed to serve as a platform for intra-bank and inter-bank applications. It is an Indian standard similar to
SWIFT
Swift or SWIFT most commonly refers to:
* SWIFT, an international organization facilitating transactions between banks
** SWIFT code
* Swift (programming language)
* Swift (bird), a family of birds
It may also refer to:
Organizations
* SWIF ...
which is the international messaging system used for financial messaging globally.
SFMS can be used for secure communication within the bank and between banks. The SFMS was launched on December 14, 2001 at
IDRBT. It allows the definition of message structures, message formats, and authorization of the same for usage by the financial community. SFMS has a number of features and it is a modularised and web enabled software, with a flexible architecture facilitating centralised or distributed deployment. The access control is through Smart Card based user access and messages are secured by means of standard encryption and authentication services conforming to ISO standards.
The intra-bank part of SFMS is used by banks to take full advantage of the secure messaging facility it provides. The inter-bank messaging part is used by applications like
electronic funds transfer
Electronic funds transfer (EFT) is the transfer of money from one bank account to another, either within a single financial institution or across multiple institutions, via computer-based systems.
The funds transfer process generally consists ...
(EFT),
real time gross settlement systems (RTGS), delivery versus payments (DVP), centralised funds management systems (CFMS) and others. The SFMS provides
application program interfaces (APIs), which can be used to integrate existing and future applications with the SFMS. Several banks have integrated it with their core or centralised banking software.
The Indian Financial Technology and Allied Services (IFTAS)
With a view to provide focused attention and enable development of techno-banking in the country, the institute has promoted a new Section 8 company named The Indian Financial Technology and Allied Services (IFTAS). Headquartered in
Mumbai
Mumbai ( ; ), also known as Bombay ( ; its official name until 1995), is the capital city of the Indian state of Maharashtra. Mumbai is the financial capital and the most populous city proper of India with an estimated population of 12 ...
, the mandate of the IFTAS is to provide IT-related services to the
RBI, banks and other financial institutions.
Services like Indian Financial Network (INFINET), Structured Financial Messaging System (SFMS) and the Indian Banking Community Cloud (IBCC) have been handed over to IFTAS with effect from April 1, 2016.
See also
*
Cross-Border Interbank Payment System (CIPS)
*
Cryptocurrency
A cryptocurrency (colloquially crypto) is a digital currency designed to work through a computer network that is not reliant on any central authority, such as a government or bank, to uphold or maintain it.
Individual coin ownership record ...
/
Digital currency
Digital currency (digital money, electronic money or electronic currency) is any currency, money, or money-like asset that is primarily managed, stored or exchanged on digital computer systems, especially over the internet. Types of digital cu ...
*
Digital renminbi
Digital renminbi ( zh, 数字人民币; also abbreviated as digital RMB and e-CNY), or Digital Currency Electronic Payment (DCEP, ), is a central bank digital currency issued by China's central bank, the People's Bank of China. It is the first digi ...
*
Digital rupee
*
Indian Financial System Code (IFSC)
*
SWIFT
Swift or SWIFT most commonly refers to:
* SWIFT, an international organization facilitating transactions between banks
** SWIFT code
* Swift (programming language)
* Swift (bird), a family of birds
It may also refer to:
Organizations
* SWIF ...
*
Instrument in Support of Trade Exchanges (INSTEX)
*
International sanctions
International sanctions are political and economic decisions that are part of diplomatic efforts by countries, multilateral or regional organizations against states or organizations either to protect national security interests, or to protect i ...
*
Single Euro Payments Area
The Single Euro Payments Area (SEPA) is a payment integration initiative of the European Union for simplification of bank transfers denominated in euros. , there were 41 members in SEPA, consisting of the 27 member states of the European Union ...
(SEPA)
*
SPFS
*
Terrorist Finance Tracking Program
*
TIPANET
References
Banking in India
Real-time gross settlement
Payment networks
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