BSP exec says ATM system in PH still reliable

Meanwhile, she said ATM withdrawals are normally high during the holidays but also cited this is where digital payments come in. (Pixabay photo)

MANILA — A ranking Bangko Sentral ng Pilipinas (BSP) official assured the public that domestic automated teller machine (ATM) systems remain reliable despite glitches experienced by some banks.

In an interview by journalists Tuesday, BSP Deputy Governor Chuchi Fonacier said they are always reminding banks to make sure that their systems are always working and that ATMs are loaded with cash.

She said technical glitches cannot be avoided but banks are required to monitor this to be able to go back online as soon as possible.

On Monday, Sy-led BDO said its online and mobile banking services were unavailable for several hours, which it later attributed to network issues.

Fonacier said this kind of issue is “small enough” relative to the whole system but admitted that the problem crops up when the affected bank has a big network.

Meanwhile, she said ATM withdrawals are normally high during the holidays but also cited this is where digital payments come in.

Through PESONet and InstaPay, the two automated clearing houses (ACH) under the National Retail Payment System (NRPS), she said the public can lessen their need to withdraw through ATMs.

InstaPay allows consumers a safe, affordable, and real-time electronic payment mode for up to PHP50,000 per transaction without limit in a day.

On the other hand, PESONet is a batch electronic fund transfer (EFT) credit payment scheme targeted for business-to-business, as well as people-to-business transactions like credit salaries to employees existing accounts.

The central bank is pushing for digital payment transactions as it bids to include more Filipinos in the formal banking system.

Aside from the PESONet and InstaPay, the central bank is also pushing for the adoption of quick response (QR) code even for small vendors and tricycle drivers, among others.

“Through the help of our industry partners, especially the digital payments leaders, we hope not only to achieve our goal of a cash-lite economy sooner than later. And ultimately enable and empower more Filipinos to reap the benefits of a growing economy through digital payments,” BSP Governor Benjamin Diokno earlier said.