What do you mean by Centralized Funds Management System?

CFMS Stands for Centralised Funds Management System. It is a sort of Electronic fund transfer system. It is a system set up, operated and maintained by Banks to enable operations on accounts maintained at various offices of the Bank, through standard message formats in a secure manner.

The Bank has a Central System which interacts with the subsystems in its various branches to perform operations on the accounts maintained by the Bank. To transfer funds from one branch to another, a request message is sent from the source branch to the Central system of the Bank.