BSP Asks BPI for Updates and Timelines on Transaction Issue

The Bangko Sentral ng Pilipinas (BSP) has asked the Bank of the Philippine Islands (BPI) to submit updates and a timeline on the recent double debit transaction issue reversals.

As of this writing, BPI has not indicated the number of reversed wrong transactions.

BPI released a social media post indicating that BPI expects “correction of the duplicate transactions within the day,” last January 4, 2023.

BSP has mentioned that it is “closely coordinating with BPI concerning the double debit transaction incident affecting BPI account holders.”

BSP has mentioned that it has gotten information that BPI’s assets had found the root cause of the operation error and committed themselves to reversing the faulty transactions.  Aside from this, BSP mentions that BPI has assured that it would restore internet banking and mobile services as soon as possible.

“Given the high volume of inquiries on our online banking channels, you may experience intermittent access to our web and mobile app platforms,” BPI mentioned in a statement released to their social media channel.

“Rest assured that your account is safe and secure.”

Last August 2022, BPI stated that 4.9 million out of their 8.46 million client base was enrolled in their digital banking services since 2021. The Ayala-led bank has stated that it has an expanding list of an estimated 80 Application Programming Interface (API) partners which cover over 800 services and products and an estimated 100 million transactions back in 2021.

Also in August 2021, BPI celebrated its 171st year by stating it would focus on “digitalization, customer obsession, and sustainability efforts.”

Source: Business Mirror