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Costa Rica’s Banco Popular Invests $42 Million in Failed System

Costa Rica News – Banco Popular is, as its name suggests, quite popular in Costa Rica. It’s the third largest, in fact.

This caused even more people to be affected than if a smaller bank had technological issues.

Since 2008, the bank has been on an outdated computer system, IBM390. The company invested $42 million into the failed system so as not to put customers at risk any longer than necessary.

$15.6 million went to the company contracted to install the new system and $26.4 million was used for direct and indirect internal bank expenditures related to implementing a new platform.

On April 10th, 2015 there were failures again.

They were problems with inefficient information storage. Additionally, many customers had to go to agencies to complete transactions.

The bank was given until March of 2017 to present a plan to fix this by the Comptroller.

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