BCEL launches ATM pool system with JDB
BCEL launches ATM pool system with JDB
Banque pour le Commerce Exterieur Lao Public (BCEL) and Joint Development Bank (JDB) yesterday launched an ATM pool system which will provide more convenience for the banks' customers as they will no longer have to seek out an ATM of a particular bank.
Deputy Governor of Bank of the Lao PDR Ms Vatthana Dalaloy, BCEL General Managing Director Mr Vankham Voravong, and President of the JDB Management Board Mr Ekkaphan Phaphithak, JDB Director General Mr Sounthorn Chanthavong, attended the launch, along with officials from the various sectors.
The ATM integration would help upgrade service for ATM card users of domestic banks, in particular the banks participating in the Lao ATM Pool Switch (LAPS) project, said Mr Vankham.
JDB is the first private bank and the fifth bank that has successfully integrated with BCEL in the ATM pool system.
BCEL signed a memorandum of understanding (MoU) with eight domestic banks regarding the development of an ATM pool system on November 23, 2012.
The pool system will effectively create a centralised ATM network, cutting unnecessary costs and saving time for customers as they will no longer have to seek out the ATM of a particular bank. This system will also help maintain an appropriate level of cash flow in keeping with real needs.
As of today, five domestic banks including BCEL, Lao-Viet Bank (LVB), Agriculture and Promotion Bank (APB), Lao Development Bank (LDB) and JDB are integrated in the ATM pool system.
The project reflected the strong ties between domestic banks in developing systems to modernise ahead of the Asean Economic Community (AEC) in line with foreign banks in region.
Recently, many foreign banks opened offices in Laos so this ATM integration project is an important initiative for domestic banks in the face of the new competition.
BCEL will continue to expand the ATM pool system to other domestic banks which signed the MoU regarding its development and when successfully implemented it will cover 90 percent of all ATMs within the country.
“We will also open this system for other banks that are interested in joining with BCEL and more importantly, we will develop this system to link with major banks in neighbouring countries which currently BCEL is implementing,” explained Mr Vankham.
BCEL now has 19 branches, 65 service units, 11 money exchanges, and 276 ATMs across the country, while JDB has 20 service units and 65 ATMs across the country.
