Lanka Financial Services Bureau keeps up with global SWIFT standard migration to Interface 7.4

Wednesday, 4 March 2020 01:24 -     - {{hitsCtrl.values.hits}}

The financial industry is operating in a constant state of change as its clientele expect fast, trackable and transparent payment services – delivered securely, and in compliance with all relevant regulations. As an industry norm is to adhere to standards that are able to satisfy these demands and deliver a service that truly meets their needs, client centric focus prompts SWIFT to keep bettering previous standards. 

LFSBL once again collaborating with the financial community to reinforce security and deliver upon payment innovation in the live environment as they recently announced its celebratory migration and upgraded to global mandatory Standards of SWIFT Interface 7.4 in January 2020, before the end of support to the 7.2 version at the end of January 2020. 

The gathering was briefed that the seamless migration had been a success with zero incidents in terms of connectivity to banking and financial institutions including Central Bank. 

LFSBL General Manager/CEO Rajaratne noted that successful migration to 7.4 standards was a result of well-coordinated efforts by the Project Team headed by Manager – SWIFT Operations Hasitha Range Bandara. 

SWIFT keeps updating their operating platforms and interface applications in order to enhance the quality of SWIFT network in terms of security, operational efficiency and other vital aspects that are vital encounter the challenges of both business and technical in financial industry. It is mandatory to adopt to the changes made in the global network of SWIFT for both compliance and functional reasons. 

He added that upgrading existing SWIFT interface systems is imperative to financial institutions to meet the requirements of these critical thresholds, while concluding by saying the following: “The planning, execution, teamwork and the SWIFT Expertise hired have been key contributors for the success.”

The state of ‘ZERO’ incidents has enhanced the confidence of the connected banks and financial institutions, and facilitate them to continue seamless business operations via financial telecommunications. Twenty-two banks, including Central Bank of Sri Lanka, State banks, leading commercial banks and primary dealers are connected to the SWIFT shared infrastructure of LFSBL.

Further, it was also brought to light that the SWIFT Shared Infrastructures of LFSBL operates on the secure open source operating system (OS).  LFSBL has enhanced the level of cyber security with value-additions in accordance with SWIFT standards of the shared infrastructure program of SWIFT and the robustness of the network.

The LFSBL Chairman noted that migration to 7.4 platform was effective and efficient with minimal disruptions to the business continuity of connected institutions.

All queries are welcome and a dedicated team of LFSBL will attend to any requests by customers and interested institutions. LFSBL extended sincere thanks and appreciation to all stakeholders whose support and contribution had been instrumental in the successful migration to SWIFT 7.4 Interface.