SWIFT marks 20 years in local finance industry

Thursday, 11 September 2014 00:52 - - {{hitsCtrl.values.hits}}

By David Stephens Strengthening existing payment and settlement systems is vital to enabling the financial sector to support real economic progress, business leaders and professionals gathered at the Society for Worldwide Interbank Financial Telecommunication (SWIFT) Business Forum expressed. Speaking at the launch of the forum, the first one to be held in Sri Lanka by SWIFT, the Central Bank of Sri Lanka’s Senior Deputy Governor Ananda Silva said there was a need for an innovative, technology-driven, transparent and accountable banking sector. He praised SWIFT on its efforts to play an active role in this regard.

“We at the Central Bank of Sri Lanka envisioned a plan to consolidate the financial sector to improve financial stability and increase the competitiveness of the country’s banks and non-banking finance institutions. We are excited to see SWIFT and the community coming together to support, enable and deliver these plans collaboratively,” he commented. The forum coincided with the 20 anniversary of SWIFT’s partnership with Sri Lanka’s financial industry. “This is a great event for Sri Lanka because we have been a very active member of SWIFT. Under the given scenario in the country, we have to move forward with dynamic economic activity to continue our very high economic growth in the country to benefit the whole of society through our current peace process and restructured economic process. For that process SWIFT is a great mechanism,” the Central Bank of Sri Lanka’s Assistant Governor S.S. Ratnayake said. “In that context this forum is very helpful both for the participants, general public and the Central Bank. We will pursue whatever concerns to enhance the operational process or the reliability of the messaging instructions. Then we will have more secure financial messaging instruction in this country. In that process we can be a part of the global SWIFT process of enhancing their security measures.” Also present at the event was SWIFT’S Asia Pacific Managing Director Eddie Haddad, who voiced his organisation’s commitment to expanding its work in the country. “Sri Lanka is on its path to growth and there are many more opportunities in different segments of your financial markets. We at SWIFT firmly believe that a cost-efficient, reliable and interoperable market infrastructure can contribute to a sustainable financial system in Sri Lanka,” he revealed. It was also outlined that presently the SWIFT network carries more than 4.1 million messages from 37 Sri Lankan institutions to the rest of the world and in 2013 traffic grew by 9.3%. At the forum, a panel comprising the Central Bank Assistant Governor, Standard Chartered Bank Sri Lanka and South India Financial Markets Sales Managing Director K.R. Muthukumar, Sampath Bank PLC Managing Director Aravinda Perera and Commercial Bank of Ceylon PLC Chief Information Officer and Banks CIO Forum Chairman Rohan Muttiah exchanged views on supporting the development of Sri Lanka’s financial market through trade, compliance and innovation insights. There were also work sessions on corporates and securities attended by Central Bank officials, industry leaders and SWIFT regional experts such as the Central Bank Public Debt Department’s Deputy Superintendent Chaminda Bandara, the Securities and Exchange Commission’s Director of Capital Market Development Vajira Wijegunawardane, Colombo Stock Exchange Chief Operating Officer Renuke Wijayawardhane, Deutsche Bank’s Head of Global Transaction Banking Tyronne Hannan, HSBC’s Head of Securities Services Shehan Patterson and Hatton National Bank Managing Director/Chief Executive Officer Johnathan Alles.