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A glitch in the UK payment system, reported as the worst in the past 9 years is being investigated by the Bank of England.  A technical issue prevented the opening of the real-time gross settlement (RTGS) service and CHAPS high-value payments system,’ likely effecting the settlement of high-value money market and foreign exchange transactions. RTGS is used to settle payments, averaging £775billion every day, between major financial firms which hold accounts at the Bank of England.
Functioning cash flow is critical and a failure of the payment services led the BoE to launch an investigation. While in know way was this reported s a cyber incident, it demonstrates the effects of the failure of a CNI service, such as payments.
Ted Dziekanowski
#resilience #bankofengland #realtimepayments
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