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IDBI Bank on Monday said it has implemented the new feature of document 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 ).
This new feature of “document embedding” provides banks with the functionality of transmitting a “pdf” document up to 1MB size along with the LC / BG messages.
Transmission of digitally signed documents ensures reliability of the transaction, IDBI Bank said in a statement. The bank added that it is the first bank to implement this feature
In an effort to further digitise the trade finance transactions and to secure the financial communication system, IFTAS, a wholly-owned subsidiary of Reserve Bank of India, has introduced a feature of “document embedding”, along with LC/BG messages. IDBI said.
“The new feature will ease the current process of manual verification, reconciliation, reduce frauds, and enable documentary evidence for all the parties involved in the transaction.
“Reliability of the BG gets enhanced when a copy of the stamp duty information gets embedded and transmitted along with the message itself, through the straight through processing enabled SFMS,” the Bank said.
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