The Bank of England is suffering a serious loss of face today after the computer system it uses to make large scale payments between UK banks broke down.
Part of the Bank’s 30-year-old Clearing House Automated Payment System (CHAPS), the Real Time Gross Settlement system is an essential tool for the smooth running of City operations, processing around £277 billion worth of payments every day.
The technical outage, which has not yet been fixed, means that high value fund transfers cannot be made between commercial banks. However, the bank is urging the public to remain calm as payments will be made – eventually.
“The Bank of England has identified a technical issue related to some routine maintenance of the RTGS payment system and has paused settlement while we resolve it,” said the Bank in an official statement today. “We are working to address this issue as quickly as possible, and restart the RTGS payment system in a controlled manner. The most important payments are being made manually and we can reassure the public that all payments made today will be processed.”
#PSD2FinishLine recently started trending on Twitter. As the country slowly grows in excitement throughout the month of November, with the C-word on ... read more
After winning the German presidency for her fourth term, Angela Merkel must weld a coalition government or have a minority rule with the most far-right politicians seen in 50 decades.
A study of the leadership pipeline at the UK’s FTSE 100 corporates shows modest progress, but many top companies still have no ethnic minority presence.
The world’s third-largest economy expanded by 1.0% in the second quarter of 2017 over Q1, giving an annual rise of 4.0% in gross domestic product for the year to June.