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Hyderabad : THE 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. |
