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'Critical' Bank of England payments system fails
- The Bank of England has resolved a technical issue that caused an outage in its real-time gross settlement service and the Chaps payment system, which together process around £1 trillion in transactions every day.
- The outage lasted for about six hours and the Bank is expected to work through the backlog of payment settlements. It did not disclose the cause of the system failure.
- The outage could have affected homebuyers and sellers, as August is the busiest month for moving homes. The Bank is investigating the root cause of the issue but does not believe it was a cyber attack.
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'Critical' Bank of England payments system fails
Officials have launched an investigation into what caused the "technical issue", which lasted for around six hours. The last time a similar error occurred in 2014, an estimated 700 home sales did not go through as planned.
·United Kingdom
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Coverage Details
Total News Sources5
Leaning Left3Leaning Right0Center2Last UpdatedBias Distribution60% Left
Bias Distribution
- 60% of the sources lean Left
60% Left
L 60%
C 40%
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