IDBI Bank has recently enabled a new feature of document embedding with LC/BG (Letter of Credit/Bank Guarantee) messages over the SFMS(Structured Financial Messaging System) platform of IFTAS using the intermediate application i@Connect-SFMS. Also, IDBI is the first bank to enable this banking feature.
Benefits of IDBI Bank’s New Document Embedding Feature
This new feature of document embedding furnishes the banks to transfer a pdf or a document of up to 1MB size attached with the LC/BG messages.
- Communicating with digitally signed documents certifies the authenticity of the transaction
- With this, the concerned authorities will be able to maintain documentary evidence for all parties, easing the process of verification, reconciliation and reducing the chances of frauds
- Transmitting a Bank Guarantee message along with a copy of the stamp duty information seems more reliable and trustable