LFSBL: Powering ISO 20022 Adoption in Sri Lanka and Beyond

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.

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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.