Answer: Indian Financial Technology and Allied Services (IFTAS)
Notes: Indian Financial Technology & Allied Services (IFTAS) is a wholly-owned subsidiary of the Reserve Bank of India, that designs, deploys & provides the essential IT-related services, required by the Reserve Bank of India, banks, and financial institutions. Indian Financial Network (INFINET) is the underlying closed user group Payment System network connecting India’s financial institutions is managed by IFTAS. Structured Financial Messaging System (SFMS), which serves as the backbone Messaging platform and the Indian standard for inter-bank Financial Messaging for Centralized Payment system viz. National Electronic Fund Transfer (NEFT) and Real-Time Gross Settlement (RTGS), is also a product of IFTAS. IFTAS is also the service provider for NEFT application. Other services of IFTAS are Global Interchange for Financial Transactions (GIFT), which is an integrated Payment & Settlement system to provide straight-through processing (STP) inter-bank transactions, supporting batched, gross & bulk settlement modes; and Indian Banking Community Cloud.
