Financial Daily from THE HINDU group of publications
Tuesday, May 04, 2004
Financial Daily from THE HINDU group of publications Tuesday, May 04, 2004 |
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Money & Banking
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Information Technology National Financial Switch to go live by July Our Bureau
Hyderabad , May 3 THE Hyderabad-based Institute of Development and Research in Banking Technologies, an arm of the RBI, is setting up a National Financial Switch (NFS) that will enable sharing common technology infrastructure. The NFS is expected to go live by July. The National Financial Switch will serve as a main common switch and facilitate connectivity as an e-commerce payment gateway both for Internet and mobile commerce thereby helping in authenticating and providing route payment details between banks and various parties. This project of IDRBT is expected to serve as an e-commerce facilitator as well. According to the IDRBT, the NFS has assumed importance given the plans of banks to share ATM resources. While a few banks have agreements to share ATM resources based on cost structure, this concept is expected to grow to a larger number of banks. With common infrastructure available through the INdian FInantial NETwork (INFINET) and the proposed NFS along with Infinet as the backbone is aimed at optimising costs for the banking community. This project has both economic advantages and offers wider reach while helping in preventing infrastructure duplication. When in place, this common solution opens up a range of electronic possibilities for banks, corporates and consumers. The Structured Financial Messaging System (SFMS) is now functional in 24 public sector banks including the RBI. With new version of the SFMS now in place, more banks are joining the fray since this supports the RTGS (Real Time Gross Settlement) system mandated by the RBI for the banking industry. The IDRBT Certifying Authority (CA) has issued over 10,000 digital certificates by the end of March 31, where banks and financial institutions are using the certificates issued for corporate e-mail, SFMS, Internet banking and related applications.
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