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 The
Institute for Development and Research in Banking Technology
(IDRBT) recently launched a revolutionary new structure financial
messaging system (SFMS) for the banking and finance industry.
Developed by Tata Consultancy Services (TCS), the system is
a modularised, Web-enabled software for financial messaging
within and between participating banks. It works in a totally
secure environment provided with Smart Card band use access
and the messages are secured via standard encryption and authentication
services conforming to ISO/ SWIFT standards with a provision
for complete auditing, logging, time stamping and warehousing
of messages.
Announcing the launch, Dr R B Barman, executive director,
Reserve Bank of India, said it marked a paradigm shift in
the working culture of banks and financial institutions because
it will facilitate online messaging, which when sent after
authorisation reaches the destination without any further
human intervention.
Based on TCS’ messaging gateway product COMS-Enabler,
the system allows the definition of message structures, message
formats and authorisation of the same for usage by the financial
community. Each participating bank will have a terminal in
its branch, which will be connected through local/wide/metro
area network (LAN, WAN, MAN) or public switched telephone
network (PSTN) lines to the server located at a central place
in the city. This terminal can be accessed only by means of
a Smart Card, which in turn is through a personal identification
number (PIN). The messages are signed digitally under the
public key infrastructure (PKI). The messages will thus be
processed in a fully safe and secure environment. By utilising
this facility, banks would be able to ensure secure and guaranteed
electronic messaging delivery.
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