Laos to expand ATM integration to neighbours
Laos to expand ATM integration to neighbours
Banque pour le Commerce Exterieur Lao Public (BCEL) expects to have ATM integration with banks in neighbouring countries once it completes the integration project with banks locally in the near future.
“This project will be announced this year,” BCEL Deputy Managing Director, Mr Nanthalath Keopaseuth, said yesterday.
BCEL expects to have ATM integration with big banks in neighbouring countries in the near future and preparatory works to enable this are already underway.
“Now we are holding discussions on the regulations and business operation,” Mr Nanthalath said.
The integration is part of the development plan of the banking sector towards the AEC as has already been undertaken in other countries in the region.
Currently many foreign banks have opened offices in Laos. “That is why ATM integration is important, in order to make the foreign operators see our capacities,” he said.
Bank of the Lao PDR (BOL) Deputy Governor, Ms Vathana Dalaloy, said the ATM integration project is a step towards regional integration and global linkages in regards to banking sector service systems.
Ms Vathana said all of the service product improvements and service system developments aim towards the attainment of international standards.
Now ATM card users of BCEL, Lao Viet Bank (LVB), Agricultural Promotion Bank (APB), Lao Development Bank (LDB), Joint Development Bank (JDB) and ST Bank (STB) can use the services of any of their respective ATMs as the systems of all six banks are integrated.
BCEL signed a memorandum of understanding with seven domestic banks regarding the development of an ATM pool system on November 23, 2012.
Banks to be part of the ATM network include BCEL, LDB, APB, LVB, JDB, STB, Indochina Bank Ltd and Banque Franco-L ao Ltd.
“We do not know when the remaining two banks will be able to launch ATM integration because their systems are not ready yet,” Mr Nanthalath said.
BCEL will continue the integration project to other banks that signed the agreement. Once it reaches completion, the integration system will cover more than 90 percent of the ATM system in the country.
“Our doors are also open for other banks that are interested in the project,” Mr Nanthalath said.
The ATM integration will be of benefit to both banks and customers; it will help the numbers of ATM users to enlarge and bring more and more people to use the services offered by the different banking sector businesses.
Ms Vathana urged the continuation of the ATM integration project to other commercial banks that have not yet participated, stressing that it would be good if all banks in Laos take part in the integration project.
The ATM integration system also certifies that banks have upgraded their core banking system and electronic card services.
It will effectively create a centralised ATM network, cutting unnecessary costs and saving customers' time as they will no longer have to seek out the ATM of a particular bank.
It will also help maintain an appropriate level of cash flow in keeping with real needs. It reflects the strong ties between the banks that are together trying to make t heir services simpler for customers.
This integration marks another significant stage in the development of commercial banks in Laos. The network integration project forms part of preparations readying the Lao banking sector for the AEC which comes into being at the end of this year.
