THE United Coconut Planters Bank (UCPB) has completed a process of upgrading bank cards and automated teller machines (ATMs) to a microchip-based technology, months ahead of the deadline imposed by the central bank.

In a statement, the state-run lender said it has completed the migration to the Europay Mastercard Visa (EMV) standard at both UCPB and UCPB Savings Bank, with all debit and credit cards replaced and ATMs upgraded.

UCPB President and Chief Executive Officer Higinio O. Macadaeg, Jr. said upgrading to the EMV technology will provide greater security to depositors and clients, given a “higher degree of protection against card or online fraud.”

The Bangko Sentral ng Pilipinas (BSP) gave banks and credit card issuers until June 30, 2018 to shift to EMV technology, which is deemed more secure than the old cards which use the magnetic stripes (magstripe) to stpre data. The original deadline was January 2017 when the regulator ordered EMV upgrades in 2014.

Ahead of the full migration, the BSP required banks to set up reserves for potential card fraud to settle potential theft cases involving all non-EMV cards still in use.

The EMV is currently the global standard for secure financial transactions, with technology to block card skimming and identity theft.

The government-owned bank said it started issuing microchip-embedded cards back in 2016, with depositors urged to come forward and have their old magstripe-based cards replaced. The old cards were deactivated on Aug. 1, which forced customers to claim their new EMV-ready cards in their maintaining branch.

UCPB has 300 ATMs.

The government is considering selling its majority stake in UCPB after the Supreme Court lifted a halt order on the plan back in September, although the Finance department has yet to release the official valuation and arrangements for the sale. – Melissa Luz T. Lopez

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