Suntel and LFSBL partner for SWIFT

Suntel and Lanka Financial Services Bureau Ltd (LFSBL) partnered to create the first ever SWIFT Service Bureau for Sri Lankan SWIFT Users to facilitate the inter bank transactions (SWIFT messaging) through a highly secure financial telecommunication hub which is a critical application and a integral part of National Payment System of Sri Lanka.

Suntel was the preferred partner for LFSBL, which was incorporated to create, manage, and own a common gateway to SWIFT, which stands for ‘Society for Worldwide Inter-bank Financial Telecommunication’. SWIFT is the industry-owned co-operative, supplying secure, standardised messaging services and interface software to over 8,800 financial institutions in 208 countries and territories. SWIFT members include banks, broker-dealers and investment managers. The broader SWIFT community also encompasses corporate, as well as market infrastructures, in payments, securities, treasury and trade.

SWIFT Net also provides a complete range of end-to-end SWIFT solutions, covering every aspect of financial services processing, which includes: payments and cash management, treasury and derivatives, trade services, securities pre-trade/trade, pre-settlements, clearing and settlement, custody services and reporting, among others.

Chairman of the Sri Lanka SWIFT User Group R.M.P Ratnayake said that there was a need for common gateway for Sri Lankan SWIFT users for reducing cost of local industry. Under this project country could save more than RS 60 million annually. The banking sector would be in a position to pass on the benefits to the end customers.

Among other benefits of this initiative will be modern disaster recovery facilities for payment systems, ability to innovate, design and restructure financial services instruments, products and processes using LFSBL network. This venture will also show the grater unity that the local financial sector have for the betterment of the industry. The is a flagship project for Suntel.