GMA lauds BSP, banks for ATM interconnection

President Arroyo cited yesterday the banking sector and the Bangko Sentral ng Pilipinas (BSP) for their continuing efforts to enhance services to the public, as indicated by the interconnection of the country’s three major automated teller machines or ATM networks.

"I commend the banks for setting aside competition to provide better and more convenient service to millions of ATM cardholders in the country," the President said in a statement.

"At the same time, the BSP should be congratulated for providing able leadership and guidance to the banking sector, which is principally a service-oriented industry," she added. "I am looking forward to more initiatives from the banking sector that would lead to better service and protection for the public."

ExpressNet and BancNet ATM networks formalized their interconnection Tuesday at launching ceremonies held at the BSP, completing the final leg of a three-way linkage. The MegaLink network had been connected to ExpressNet and BancNet for several years now.

It was the BSP which called on the three networks to interconnect.  BSP Governor Amando M. Tetangco Jr. said the sharing of network infrastructure result will provide greater convenience to the country’s 20 million ATM cardholders and eventually lower transaction costs.

The BSP and the banking sector have been working closely to enhance services to the public including the lowering of OFW remittance fees, penalizing abusive credit collection practices, and setting clear standards for consumer protection through the Service Code for Consumer Banking which was signed in time for Consumer Month last year. – Paolo Romero