The Bangko Sentral ng Pilipinas (BSP) has instructed the Ayala-led Bank of the Philippine Islands (BPI) to submit a timeline and updates regarding reversals on the double debit transaction incidents last Wednesday.
THE Bangko Sentral ng Pilipinas has instructed the Ayala-led Bank of the Philippine Islands to submit a timeline and updates regarding reversals on the double debit transaction incidents last Wednesday.The publicly-listed lender’s social media contained a post saying BPI expects “correction of the duplicate transactions within the day,” or January 4.
The BSP said it received information that the country’s third-largest bank by assets has identified the root cause of the operational error and committed to reverse the erroneous transactions. Based on Twitter data, as of press time, the “0431 Debit Memo” had over a thousand Tweets while “Hoy BPI” is still trending and is the top 4 Philippine trending post as of press time.
Many of those who posted their rants on social media also implored that BPI should return the debited accounts saying the funds were already reserved for various expenses. Based on the Philippine Development Plan , the BSP will continue to use regulatory technology to fight cybercrimes and benefit financial sector firms and supervising agencies.
It can also be used to conduct effective creditworthiness assessments and provide a more efficient, timely, and accurate manner of meeting reportorial and compliance requirements, among others.
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