The critical need for a secure and common messaging system that would serve as the basic platform for intra-bank and inter-bank applications and would fulfil the requirements of domestic financial messaging gave rise to the Structured Financial Messaging System (SFMS). SFMS was launched on December 14, 2001, at IDRBT.
SFMS is like other global messaging systems, but is feature-rich and has more utilities. The major advantage of SFMS is that it can be used practically for all secure communication purposes within 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. 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. SFMS provides easy to use Application Programming Interfaces
(APIs), which can be used to integrate all existing and future applications with the SFMS. Banks can develop comprehensive and
efficient tools / applications, and integrate them easily with SFMS for use on the Corporate Intranet.
Banks can link all their important, high volume branches to SFMS, irrespective of their category, through
appropriate network connectivity. Moreover, use of SFMS is not restricted only to computerized or partially computerized branches.
Key features of SFMS are:
Following application currently run on SFMS: