In today’s banking environment, commercial banks are expected to process credit card transactions in real time as more and more people resort to using credit cards as opposed to cash when they make purchases. This is especially true of tourists who seldom travel with excessive cash but often use their credit cards when they are on cruise.
It is important that our banks are able to stitch together partnerships with other companies that will ensure continuity and redundancy on their core networks, including the all important Point of Sale or the Credit Card Network.
Today Tuesday, what should have been a brisk and booming day for businesses within the Heritage Quay and the wider St. John’s area, turns out to be a day of sheer frustration, anger and misery because First Caribbean’s credit card network was down for practically all of the business day resulting in significant losses for retailers. What was even more painful, is that today was a brisk day for tourism with four cruise ships in port.
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Network systems that do not have built in redundancy means that if the single node is down, the entire network falls apart.
Network outages in today’s era costs businesses much more than just money. When businesses cannot process credit card transactions, the said businesses look both unprofessional and sloppy.
I hope that the banking community would step up to the plate and do more inorder to improve their overall service particularly their credit card/point of sale service as this is the life blood of the business community.
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One response to “Audley Phillip | Banks must do more to build resilience and redundancy into their network”
Well said Audley.Great written article and to the point as you normally do.Looking forward for more valuable comments from you in this New year..Keep up the good work with your valuable contributions.