BANKING AFFAIRS

Detailed explanation-1: -NEFT SFMS message” means an electronic Structured Financial Messaging Solution (SFMS) message containing a batch of NEFT payment instructions for funds transfer, processed and consolidated in the manner specified for transmission of payment instructions from NEFT Service Centre to the NEFT Clearing Centre.

Detailed explanation-2: -Feature-rich and equipped with robust messaging capabilities, Structured Financial Messaging System (SFMS) is India’s backbone for inter-bank financial messaging & Centralised Payment Systems.

Detailed explanation-3: -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. SFMS can be used for secure communication within the bank and between banks. The SFMS was launched on December 14, 2001 at IDRBT.

Detailed explanation-4: -The major advantage of SFMS is that it can be used practically for all purposes of secure communication within the bank and between banks. The intra-bank part of SFMS can be used by the banks to take full advantage of the secure messaging facility it provides.