Broader Horizon

June 02, 2012 (LBO) – Sri Lanka Financial Services Bureau, an interbank connectivity service provider, is scouting for telecommunication opportunities in South Asian banks, a company official said.

“We did a testing to provide offshore connectivity with a local bank branch in Bangladesh and it was successful,” Rajaratne said.

“Sri Lanka has some of the most sophisticated infrastructure which could match global standards”

“We can offer these facilities to other regional markets,” he said.

LFSBL was set up in 2007, by the Sri Lankan banking community at a cost of 65 million rupees after Belgium based SWIFT slashed subsidised rates for the South Asian region pushing interbank financial telecommunication costs up.

LFSBL runs a common hub under the SWIFT format which helps local financial institutions including the Central Bank connect and exchange financial information securely and reliably at a lower cost.

LFSBL says by connecting to its common hub banks can cut down interbank telecommunication costs between 45 to 55 percent.

SWIFT also offers back up plans and disaster recovery site to ensure business continuity in the wake of eventualities such as floods, fir