(Update) BPI temporarily suspends e-channels to fix system error

MANILA — Ayala-led Bank of the Philippine Islands (BPI) on Wednesday temporarily suspended all its electronic channels as it addresses the internal system error that resulted to misposting of transactions of its clients.

In a statement, the bank traced the problem to “internal data processing error” that resulted to “accounts debited twice or credited twice for a past transaction.”

It said the internal system glitch caused double posting of transactions from April 27 to May 2, 2017 as of Tuesday.

“We anticipate full resolution of this error within today. We wish to reassure our clients that this matter will be resolved expediently, and that none of them will lose money from this incident,” BPI said.

Bangko Sentral ng Pilipinas (BSP) Deputy Governor Nestor Espenilla Jr. said the central bank will investigate this problem.

BPI discounted hacking as the cause of the problem.

“We’ll investigate as soon as dust settles and customers are made whole,” he added. JSV/PNA-northboundasia.com