Republic Bank (Guyana) Limited yesterday said that all refunds and unprocessed VISA International Debit Card (IDC) transactions will be processed to affected customers’ accounts today.
In an advertisement on Saturday, Republic Bank said that following the completion of its conversion to its new banking platform in November 2019 it had been resolving the backlog of outstanding issues which arose immediately after the conversion. One such issue was the delay in processing some VISA IDCs. It noted that on a monthly basis, customers carry out over 40,000 IDC transactions.
In another advertisement yesterday, Republic Bank said that the following issues were identified, investigated and resolved:
-Unprocessed VISA IDC online transactions for the period March 6th to May 18th, 2020;
-Exchange rate fluctuations linked with some IDC transactions;
-Duplicated debit transactions;
-Merchant settlement discrepancies arising out of online and Point of Sale transactions.
“Based on this, we advise that the unprocessed IDC online transactions and all refunds will be processed to the affected customers’ accounts on June 3, 2020”, the bank said.
It apologised for the inconvenience caused.
