75 percent of overdrawn BSP accounts settled in PNG

Photo: BSP

BSP Financial Group Limited (BSP) group chief executive officer Mark Robinson, says as of Mondays the bank has recouped 75 percent of funds that were overdrawn in April, with an outstanding balance of less than K2 million expected to be repaid over the next few weeks.

Robinson said in a statement that for customers who experienced an issue with their account balance:

“We have verified all accounts and confirmed account balances are correct.

In the process of rolling out BSP’s new core banking system over Easter last month, a technical issue had moved cash into some customers’ accounts.

Some customers withdrew funds from their accounts at ATMs and EFTPoS and this resulted in approximately 36,000 customer accounts being overdrawn.

BSP did not deposit any funds into the impacted customer accounts.

The total amount of the outstanding overdrafts was K7.9 million (US$2.2 million).

When this situation arose, BSP announced that customers could repay these funds without interest or penalties.

Mr Robinson said: “This situation arose because of a short lived technical issue related to our new Banking System implementation.

“I am pleased to say that our customers are fully cooperating with us when they are informed of their overdrafts and most have since repaid any outstanding amount.

“Furthermore, I can confirm that our Banking System has not been hacked and is continuously being monitored to prevent any outside interference.

“After three weeks from the implementation of our new system, the number of technical issues impacting some of our banking services has substantially decreased, as our dedicated team of specialists and vendors prioritise the remediation of known issues and implement additional process improvement measures.

“We acknowledge there will be ongoing improvements we need to make as we fine-tune our new system.”

Customers in rural areas are urged to reach out to the nearest BSP branch, sub- branch or Hybrid branches with issues.

“Our branch teams are ready to help customers and BSP Agents are also available to assist with basic transactions.

“BSP would like to reassure customers that most of the technical issues impacting the availability and delays to banking services have been resolved.

“BSP is committed to improving its service standards and thanks customers for their patience and understanding during this recent transition period to its new Banking System. “To keep up to date with the availability of services, BSP encourages customers to visit the Social Media pages and the BSP Website to access the new Service Update and the Support Page to view the self-help resources,” he said.

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