Lanka Financial Services Bureau Ltd. (LFSBL) is spearheading the adoption of the next generation global financial messaging standard ISO 20022 across Sri Lanka’s financial sector. This migration, led globally by the Society for Worldwide Interbank Financial Telecommunication (SWIFT), involves moving from the traditional MT (Message Type) format to the advanced MX format, based on structured XML messaging.
The shift to MX messages represents a major technological milestone for the global banking and financial community. Unlike the older MT standard, MX messages allow for the transmission of richer, more structured data. This enables improved data quality, greater automation, and faster reconciliation, ultimately reducing manual intervention and processing errors. Enhanced data fields support compliance with Anti Money Laundering (AML) and Know Your Customer (KYC) regulations, enabling banks and financial institutions to deliver more accurate, transparent, and secure services. This also enables banks and Fintech to develop value added services such as real-time tracking, detailed reporting, to name a few.
SWIFT began its global ISO 20022 migration in March 2023, with full adoption targeted by the end of 2025. Recognising the strategic importance of this change, LFSBL Sri Lanka’s official SWIFT representative has taken the lead in preparing local institutions to adopt and implement this new messaging standard. The organisation provides secure connectivity and messaging infrastructure to a wide network of institutions, including commercial banks, state banks, primary dealers and the Central Bank of Sri Lanka (CBSL).
Since 2022, LFSBL has supported this transformation by offering comprehensive training programmes for new users and existing stakeholders. These sessions include hands on support instruction in day to day SWIFT operations, ISO 20022 message mapping, system testing, and compliance guidelines. Given the complexity of the migration, LFSBL also manages the wider change management process in accordance with the SWIFT SIP standards to ensure a smooth migration for the Sri Lankan financial community.
Expanding its reach beyond national borders, LFSBL has also delivered training to the Royal Monetary Authority of Bhutan (RMA), the country’s central bank, along with five commercial banks in Bhutan. This regional engagement highlights LFSBL’s growing role as a centre of expertise for SWIFT technology and ISO 20022 migration in South Asia.
Building on this success, the CBSL engaged LFSBL to train its staff on MX technology. This initiative culminated in a six-day workshop conducted in two batches, involving 20+ CBSL personnel. The Bank of Ceylon (BOC) has also sought LFSBL’s expertise in this regard.
By aligning with ISO 20022 and enabling a robust, secure financial messaging infrastructure, LFSBL is helping Sri Lanka integrate more deeply with global financial systems. The migration enhances operational resilience, ensures international compliance, and sets the stage for innovations in real-time payments and open banking.
The adoption of ISO 20022 positions Sri Lanka as a digitally advanced, regulation aligned, and regionally competitive financial centre in South Asia. It facilitates smoother foreign investment flows, accelerates cross border trade settlements, and enhances transparency in financial reporting. Moreover, it strengthens institutional capabilities across the financial sector, fostering long-term resilience and the agility needed to adapt to evolving global standards and technological advancements.
For more information on LFSBLISO 20022 solutions, training programmes and services, visitwww.lfsbl.com
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