The Bank of England says it has resolved a technical issue that shut down a vital system that processes around £1tn in transactions every day.
The central bank said the “issue has been resolved and settlement will resume shortly”.
The problem hit its real-time gross settlement (RTGS) service, used to complete transactions between banks and financial institutions, and the automated Chaps payments system for high-value transactions including house sales.
The RTGS service underpins the UK’s banking system and is crucial for financial stability.
It settles more than £750bn on average every working day, with peaks reaching more than £1tn in autumn last year, according to the Bank.
Chaps processes about £350bn a day, including banks paying one another large sums.
It can also be used by individuals to make high-value payments up to millions of pounds, such as house purchases or cars.
The Bank is expected to work through the backlog of payment settlements after the outage, which lasted about six hours.
Threadneedle Street did not give details about what caused the system failure.
The Chaps outage could have left homebuyers and sellers around the UK unable to complete purchases on time, while the RTGS not running could lead to delays for banks which have settlement accounts with the service.
August is set to be the busiest month to move home, according to analysis collected by comparison site, reallymoving.
Any delays in transferring money could affect people hoping to complete home moves.
The systems are normally reliable, but the Chaps mechanism suffered a 10-hour outage in 2014 amid issues related to a routine maintenance of RTGS.
That prompted an apology from former Bank governor Mark Carney and an official investigation.
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August 14, 2023 at 11:14PM
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Bank of England outage hits key payments systems processing billions - The Guardian
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