BPI says duplicate transactions issue resolved

The Bank of the Philippine Islands (BPI) on Wednesday evening said it has successfully resolved the double posting of transactions made during the New Year holidays.

“We are pleased to inform you of the successful resolution of the duplicate transactions on affected BPI accounts,” the Ayala-led lender said in an advisory released past 6 p.m.

BPI noted, however, that clients may continue to experience intermittent access to its web and mobile application platforms given the high volume of inquiries on its online banking channels.

The bank earlier said that among the transactions posted twice were those made through automated teller machines (ATMs), cash accept machines (CAM) deposits, and point of sale and e-commerce debit transactions from December 30 to December 31, 2022.

Sought for additional details, BPI chief customer and marketing officer Cathy Santamaria said “only some clients affected,” but no other details were immediately available.

For its part, the Bangko Sentral ng Pilipinas (BSP) said it is working with BPI, which it instructed to submit a timeline and updates on the reversal of the erroneous transactions.

“The Bank already identified the root cause of the operational error and committed to reverse the erroneous transactions and restore mobile and internet banking services the soonest possible (time),” it said.

BSP Deputy Governor Chuchi Fonacier said the central bank will validate representations made by BPI, which explained the incidents as double debit transactions.

“After our investigation, we will determine appropriate action to take on BPI,” she said in a separate mobile message.

BPI ended the third quarter of 2022 with a P29.8-billion worth of revenues and P10.1 billion in net income. It was also the third largest big bank in the Philippines as of September 2022, with total assets worth P2.519 trillion.

Shares in BPI closed Wednesday at P98.30 apiece, up by 30 centavos or 0.31% from Tuesday’s finish of P98.00.—LDF, GMA Integrated News