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BSP achieves milestone in Vanuatu’s new banking System

Thursday, April 29, 2021

BSP Vanuatu achieved a major milestone for its business on Monday 19th April, 2021, when its new Flexcube Banking System went live in Vanuatu, making it the first BSP operation to upgrade into this new system,” said BSP Group CEO Robin Fleming.

Mr Fleming said the upgrade of the new system to ‘Go Live’ on 19th April was the culmination of a number of years’ work and effort across multiple teams and several countries. The project team led by staff from BSP PNG with the support of implementation partners JMR and 4Impact worked with BSP Vanuatu staff over the weekend to assist with the change in banking system from the old Firserv ICBS system to BSP’s new Oracle Flexcube System.

Country Head of BSP Vanuatu, Nik Regenvanu said: “The move to the Flexcube Banking System will see BSP Vanuatu improve numerous banking operating and reporting systems including real-time risk and credit bureau analytics, foreign exchange and telegraphic transfers, document management and Branchless Banking.”

The upgrade also saw the launch of a new Internet Banking portal and operating platform. “Our customers who have been able to use BSP’s Digital Hub have remarked on the additional functionality available on the new internet banking platform such as increased security, trade finance features and payment file uploads, which is also available using a smartphone.

Mr. Regenvanu said during the upgrade there were some intermittent outages between our new banking system Flexcube and our electronic banking platforms. “There were limits on funds availability to customers using our ATMs or EFTPoS terminals from time-to-time, however customers can still fully access their funds at a BSP branch.

“BSP acknowledges that certain aspects of the conversion did see some issues arise and BSP apologises for the inconvenience caused to those customers. BSP is working with our system provider Oracle to resolve these issues as soon as possible and at the same time we will implement some changes to reduce the number of people affected by these intermittent outages.”

“The conversion process included a comprehensive validation process and all customer balances were verified as part of the conversion process. BSP confirms that no funds are missing from any customer’s accounts,” said Mr. Regenvanu added.

He noted that some customers also encountered issues logging into their BSP Internet Banking which was a result of user names and passwords being changed as part of the improved security controls with the new BSP digital hub. “BSP has worked with our telecommunication providers to ensure all customers receive their auto generated user name and password.”

“Our staff are available on Phone: +678 22084 and Email: BSPVanuatu@bsp.com.pg to assist customers who are experiencing issues relating to the upgrade,” advised Mr. Regenvanu.