Faster Payments Glitch

Published / Last Updated on 10/07/2018

A glitch in the UK Faster Payments system over the weekend has left thousands of transactions unprocessed some 3 days later.

In a press release on the Faster Payments website.

They suggest: “Faster Payments experienced intermittent issues with its central infrastructure between 1-5.30pm on Sunday 8 July, causing delays to payments sent during that time.

Whilst the vast majority of the backlog of payments were successfully processed later on Sunday, we are aware that a limited number of payments that were submitted between 1-5.30pm are still outstanding.

We would like to sincerely apologise to all affected customers – we are working hard with our technology supplier and all of our participating institutions to ensure the outstanding payments are processed as quickly as possible.

No one who has been affected by this issue will be left out of pocket – the industry has a collective agreement to make sure customers are protected financially in situations like this. Anyone who has been affected by a payment that hasn’t been received should speak to their own bank, building society or other provider.

We are now working with our infrastructure supplier to conduct a full investigation into the cause of the issue.”

Whilst a report on www.bbc.co.uk suggests that over 750,000 faster payments were processed in that 4hr 30min time period.

Comment

We expect that individual banks and payment gateways will be manually checking any outstanding payments to ensure that they do not get processed twice i.e. one automatic and another manual.  Our advice:  Check your bank statements.

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