Structured_Financial_Messaging_System
Structured Financial Messaging System
Indian equivalent of the SWIFT financial transfer system
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 which is the international messaging system used for financial messaging globally.
This article needs additional citations for verification. (November 2010) |
SFMS can be used for secure communication within the bank and between banks. The SFMS was launched on December 14, 2001 at IDRBT.[1] It allows the definition of message structures, message formats, and authorization of the same for usage by the financial community.[citation needed] 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.[citation needed]
The intra-bank part of SFMS is used by banks to take full advantage of the secure messaging facility it provides.[citation needed] The inter-bank messaging part is used by applications like electronic funds transfer (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.[citation needed] Several banks have integrated it with their core or centralised banking software.[citation needed]