Bank of England payments system suffers outage

first_img Share this article and your comments with peers on social media Mark Carney, governor of the Bank of England (BoE) has launched an independent review after the UK’s payment system suffered an outage Monday. Carney said that the BoE will carry out a review of the causes of the disruption to its real-time gross settlement (RTGS) system, which is the central bank’s system for settling high value payments. “The review will cover the causes of the incident, the effectiveness of the Bank’s response and the lessons learned for future contingency plans,” the BoE says. Central banks are embracing the concept of digital currencies: survey Facebook LinkedIn Twitter Report assesses opportunities for digital transformation in cross-border payments Earlier Monday, the BoE said that it had identified “a technical issue related to some routine maintenance” of the system, and it temporarily halted settlement activity. Certain payments were being made manually, and once the system was restored, the BoE extended opening hours to settle as much activity as possible. The findings of the review will be made public in a report, along with the BoE’s response.center_img James Langton Keywords Payments system Hackathon targets global payments system Related newslast_img

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