IDBI Bank is the first Indian bank to implement the new feature of document embedding facility with Letter of Credit/ Bank Guarantee messages over the SFMS platform of IFTAS, a wholly-owned subsidiary of Reserve Bank of India, using a middleware application i@Connect-SFMS, developed by IDBI Intech. IFTAS has introduced the feature of ‘document embedding’ along with LC/BG messages in an attempt to further digitize trade finance transactions and to secure the financial communication system. The feature 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 the reliability of the transaction. The bank 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.
