BG verification by Structured Financial Messaging System -Coal India ltd.
Bank Guarantee is issued by the issuing bank through SFMS platform. Message is sent to the advising/beneficiary bank through SMFS. The paper BG becomes operative only on receipt of a separate advice through Structured Financial Messaging System and confirmed by the advising bank (i.e. Beneficiary’s bank). The confirmation of Issuance of BG through SFMS from advising bank is being obtained from advising bank instead of issuing bank located in all kind of places. The electronic handling of communications reduces considerable reduce risk of fraudulent transactions.