Home / Financial Services/ Lanka Financial Services Bureau celebrates seamless migration to global mandatory standards of SWIFT

Lanka Financial Services Bureau celebrates seamless migration to global mandatory standards of SWIFT


Comments / {{hitsCtrl.values.hits}} Views / Monday, 7 January 2019 01:37

Facebook

Society for Worldwide Interbank Financial Telecommunication (SWIFT), notably renewed for collaborating with the global financial community to reinforce security and deliver upon payment innovation in the live environment, has yet again augmented the security of the sector by creating a security baseline for all SWIFT users; through the SWIFT global payments innovation the mandatory upgrade in 2018. This is an essential requirement in line with the changes made in the Global network of SWIFT. 

General Manager/CEO Mihindu Rajaratne
 
Chairman Lakshman Silva

To this end, Lanka Financial Services Bureau Ltd. (LFSBL), proven experts of SWIFT infrastructure in Sri Lanka, ended the year on a high note as they celebrated the landmark initiative of successfully migrating to global mandatory standards of SWIFT Interface in August 2018, much before the target date November 2018 to ensure that SWIFT services remained uninterrupted. The aim of the upgrade as per SWIFT is continued provision of highly secure and efficient SWIFT service for in the years ahead. The most notable feature of the initiative became the seamless migration where zero incidents in terms of connectivity including Central Bank. 

The Chairman, Lakshman Silva noted that the planning, execution, teamwork and the SWIFT Expertise hired were key contributors for this success. “This state of ‘ZERO’ incidents has enhanced the confidence of the connected banks and financial institutions, including the Central Bank of Sri Lanka and facilitates continued business operations as usual without feeling the ‘transition’,” he said noting the significance of the initiative to the wider banking community in achieving the mandatory standard by SWIFT. 

LFSBL also records a few changes on the SWIFT Shared Infrastructure and network with new hardware in migrating from Windows platform to Red Hat Linux Enterprise platform which has been a colossal investment after 11 years of operations.

“The migration to Linux platform enhanced the level of Cyber Security in accordance with SWIFT standards of the Shared Infrastructure program of SWIFT and the robustness of the network. This is a significant step in terms of security enhancement which have been complimented with several other security enhancements,” said LFSBL General Manager/CEO Mihindu Rajaratne. 

The Technical team at LFSBL, led by the Manager – SWIFT Operations Hasitha, outlined the features and benefits of the migration initiative as being additional robust security and compliance and the assurance that refreshed technical platform will provide a stable environment for the years to come. The team encouraged the banking sector to take active steps to complete their migration as soon as possible to comply with global security best practices. 


Share This Article

Facebook Twitter


DISCLAIMER:

1. All comments will be moderated by the Daily FT Web Editor.

2. Comments that are abusive, obscene, incendiary, defamatory or irrelevant will not be published.

3. We may remove hyperlinks within comments.

4. Kindly use a genuine email ID and provide your name.

5. Spamming the comments section under different user names may result in being blacklisted.

COMMENTS

Today's Columnists

Why are Sri Lankan passports so bad?

Wednesday, 24 July 2019

My children have two different passports, making them a sort of case study in the stupidity and ultimate cruelty of passports. My daughter has a white passport, so no visas required. My son has a brown passport and he has to prove that he’s not try


Concept of Free Zones and their economic importance

Wednesday, 24 July 2019

With the growth of cross broader international trade, economic liberalisation and relocation of manufacturing facilities to economical location in search of competitive advantages, the concept of Free Zones was born. Free Zones include varieties of F


Howard at the PIM

Wednesday, 24 July 2019

A number of very important people called to thank me for inviting them to the very popular presentation by Dr. Howard Nicholas. It was held on 18 July at the Postgraduate Institute of Management (PIM) auditorium. The title of the presentation was ‘


“Sri Lanka’s future lies in producing exportable manufactured goods”: Dr. Howard Nicholas

Monday, 22 July 2019

Drawing lessons from Vietnam’s experiences The Sri Lanka-born economist attached to The Hague based Institute of Social Studies – Dr. Howard Nicholas – addressing a packed audience consisting of the alumni of the Postgraduate Institute of Manag


Columnists More