BoT orders commercial banks to improve systems

BANGKOK, Sept 3 (TNA) -- The Bank of Thailand (BoT) Governor Veerathai Santiprabhob said that due to the extraordinary amount of electronic banking transactions - especially inter-bank transaction when wages were paid, several major banks' systems were overburdened resulting in a network-wide collapse. Mr Veerathai assured the public that the BoT will from now on be closely monitoring all electronic banking transactions to quickly correct the situation and prevent the failure from being repeated. Furthermore, he has ordered all commercial banks to make sure that their client's financial situation has not been compromised in any degree. Banks with inadequate systems that resulted in the collapse have been duly noticed to solve and improve their systems to keep up with the dramatic rise in electronic transactions. Since the BoT announced the lowering of electronic transaction fee charges, more and more people have taken advantage to conduct their financial transaction this way. The governor admitted that sadly, some banks were unprepared for the high volume of the transactions especially during the end of each month when wages are paid. He said the BoT has not set a deadline for the commercial banks to complete their improvements but the most rapid conclusion is expected because no one wants to see a repeat of last month's payday collapse. (TNA)