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Bank of England resolves key payments system outage
The Bank of England has said it has resolved a technical issue with a vital system which processes around £1tn worth of transactions a day.
Senior Journalist, covering the Credit Strategy and Turnaround, Restructuring & Insolvency News brands.
Senior Journalist, covering the Credit Strategy and Turnaround, Restructuring & Insolvency News brands.
It prevented the central bank from opening its real-time gross settlement (RTGS) service – which is used to complete transactions between banks and financial institutions – and its CHAPS high value payments system for high-value transactions including house sales.
RTGS not running could lead to delays for banks that have settlement accounts with the services, while the CHAPS outage could have left homebuyers and sellers around the UK unable to complete purchases on time – affecting people’s prospects of completing home moves.
Threadneedle Street did not give details about what caused the system failure.
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