SFMS full form in Banking is Structured Financial Messaging System. It is a safe texting standard introduced to work as a platform for inter and intra-bank applications. Similar to the Society for World Wide Interbank Financial Telecommunications, SFMS is a worldwide messaging method used for banking messaging. It has been designed to produce safe and reliable communication between banks and within the banks.
Introduced on 14 Dec 2001, SFMS comprises different message formats, message structures, and authorization of the same for utilization by the banks.
The use of the SFMS would automatically bring the advantage of secure, efficient, and safe money transfers. It also has an appropriate safety measure that is incorporated with advanced software.
What Else Should You Know About SFMS?
To utilize SFMS, Financial institutions like banks must have their terminals in their branches incorporated via WAN or LAN to the server situated at a central place in a city. It can be operated only by a personal identification number and smart care.
Information is operated in a secure and safe environment and banks can ensure a safe electronic detail delivery, depending on this platform. With this, the bank will be able to offer secure and safe interbank communication.