BAP backs BPI move to resolve internal system error

MANILA-- The Bankers Association of the Philippines (BAP) expressed confidence on Ayala-led Bank of the Philippine Islands' (BPI) move to correct its internal system error.

This after BPI, on Wednesday morning, discovered that internal system glitch resulted in mis-posting of its clients bank transactions from April 27 to May 2, with the accounts registering either debits or credits that were way less than or more than what the actual amount of the accounts have.

Clients turned to social media to air their gripes, especially since BPI temporarily suspended the operations of its electronic channels such as online banking and the automated teller machines (ATMs).

BPI suspended the operations of its ATMs to prevent those whose accounts have increased in amount unintentionally from withdrawing funds that they do not own.

The bank said it had fully restored the operations of its ATMs Thursday.

In a statement, BAP said it believes on BPI's moves "to resolve the internal system issues they encountered as they now proceed to fully restore normal service operations."

To further service its clients, BPI allowed its branches to open up to 7:30 p.m. last Wednesday and Thursday.

BAP cited that "in general, while system glitches are not uncommon, banks are fully equipped to cope with such and continue business transactions."

" We do not believe that this incident will affect the Bank's ability to service its customers," it said.

"We collectively remain vigilant and commit to continuously harness technologies to better serve and protect the interest of the banking public. Suffice it to say, we believe that BPI remains a sound financial institution and that the public can remain confident in the banking industry's efforts to ensure delivery of secure services," it added.

BAP is a non-stock, non-profit organization of universal and commercial banks in the country. Its current president is Nestor V. Tan, the president of Sy-led Banco De Oro Unibank Inc.

Source: Philippines News Agency