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{{Short description|Indian equivalent of the SWIFT financial transfer system}}
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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]] (Society for World-wide Interbank Financial Telecommunications) which is the international messaging system used for financial messaging globally.
{{Infobox company
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SFMS can be used practically for all purposes of secure communication within the bank and between banks. The SFMS was launched on December 14, 2001 at IDRBT. SFMS has a number of special features and it is a modularized and web enabled software, with a flexible architecture facilitating centralized 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. RBI applications like Real Time Gross Settlement [[(RTGS)]], Negotiated Dealing System (NDS), Security Settlement System (SSS) and Integrated Accounting System ([[IAS]]) have interface with SFMS and RTGS uses SFMS for messaging.
| name = SFMS
| logo =
| type = [[Payment system]]
| key_people =
| slogan =
| foundation = {{start date and age|2001|df=y}}
| location = [[Hyderabad, Telangana, India]]
| num_employees =
| industry =
| parent = [[Reserve Bank of India]]
| products =
| homepage = {{URL|https://iftas.in/services/sfms/}}
}}


{{More citations needed|date=November 2010}}
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The intra-bank part of SFMS, which is most important, is used by the banks to take full advantage of the secure messaging facility it provides. The inter-bank messaging part is useful for applications like Electronic Funds Transfer ([[EFT]]), Real Time Gross settlement System (RTGS), Delivery Versus Payments (DVP), Centralized Funds Management System ([[CFMS]]) etc. The SFMS provides easy to use Application Program Interfaces (APIs), which can be used to integrate all existing and future applications with the SFMS. Several Banks have integrated it with their core or centralized banking software.
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'''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.


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SFMS can be used for secure communication within the bank and between banks. The SFMS was launched on December 14, 2001 at [[IDRBT]].<ref>{{cite web|url =http://www.idrbt.ac.in/sfms.html |title= Structured Financial Messaging System (SFMS) |access-date=30 April 2015}}</ref> It allows the definition of message structures, message formats, and authorization of the same for usage by the financial community.{{citation needed|date=May 2015}} 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|date=May 2015}}
In order to explore how SFMS can be used for Mobile Payments in India, let us look at the scope of different Message types, that it provides. They are (a) several messages with specific INFINET ( INdian FIinancial NeETwork ) Format Number (IFN) for each of the IFC (INFINET Format Category) message, (b)Proprietary Messages and (c) System Messages. The IFC and IFN follow the pattern of SWIFT standards. The following are the categories of IFC messages.

<ref>http://www.idrbt.ac.in/infinet/manuals/SFMS%20Bank%20Application%20Interface%20Specifications%20Document%20V3.0.pdf</ref>
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The intra-bank part of SFMS is used by banks to take full advantage of the secure messaging facility it provides.{{citation needed|date=May 2015}} 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|date=May 2015}} Several banks have integrated it with their core or centralised banking software.{{citation needed|date=May 2015}}

==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]], the mandate of the IFTAS is to provide IT-related services to the [[Reserve Bank of India|RBI]], banks and other financial institutions.<ref>{{cite web |title=IDRBT - IFTAS |url=https://www.idrbt.ac.in/iftas/}}</ref>

Services like Indian Financial Network (INFINET),<ref>{{cite web|url=http://www.iftas.in/infinet.html|title=IFTAS - INIFINET}}</ref> [[Structured Financial Messaging System]] (SFMS)<ref>{{cite web|url=http://www.iftas.in/sfms.html|title=IFTAS - SFMS}}</ref> and the Indian Banking Community Cloud (IBCC)<ref>{{cite web|url=http://www.iftas.in/ibcc.html|title=IFTAS - IBCC}}</ref> have been handed over to IFTAS with effect from April 1, 2016.<ref>{{cite web |title=IFTAS |url=https://www.iftas.in/}}</ref>

== See also ==<!--Please respect alphabetical order-->

* [[Cross-Border Interbank Payment System]] (CIPS)
* [[Cryptocurrency]] / [[Digital currency]]
* [[Digital renminbi]]
* [[Digital rupee]]
* [[Indian Financial System Code]] (IFSC)
* [[SWIFT]]
* [[Instrument in Support of Trade Exchanges]] (INSTEX)
* [[International sanctions]]
* [[Single Euro Payments Area]] (SEPA)
* [[SPFS]]
* [[Terrorist Finance Tracking Program]]
* [[TIPANET]]

==References==
{{reflist}}

{{Banking in India}}

[[Category:Banking in India]]
[[Category:Real-time gross settlement]]
[[Category:Payment networks]]

{{Finance-stub}}

Latest revision as of 11:28, 18 May 2024

SFMS
Company typePayment system
Founded2001; 23 years ago (2001)
HeadquartersHyderabad, Telangana, India
ParentReserve Bank of India
Websiteiftas.in/services/sfms/

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.

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]

The Indian Financial Technology and Allied Services (IFTAS)

[edit]

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, the mandate of the IFTAS is to provide IT-related services to the RBI, banks and other financial institutions.[2]

Services like Indian Financial Network (INFINET),[3] Structured Financial Messaging System (SFMS)[4] and the Indian Banking Community Cloud (IBCC)[5] have been handed over to IFTAS with effect from April 1, 2016.[6]

See also

[edit]

References

[edit]
  1. ^ "Structured Financial Messaging System (SFMS)". Retrieved 30 April 2015.
  2. ^ "IDRBT - IFTAS".
  3. ^ "IFTAS - INIFINET".
  4. ^ "IFTAS - SFMS".
  5. ^ "IFTAS - IBCC".
  6. ^ "IFTAS".
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