JPMorgan Chase was one of 11 banks in Japan affected by a system outage on Tuesday that affected the country’s largest electronic clearing network, leaving more than a million customers unable to transfer money to accounts at other banks . File photo: John Angelillo | license photoThank you for reading this post, don't forget to subscribe!
Oct. 10 (UPI) — A clearing system outage affected 11 of Japan’s largest banks Tuesday, including MUFG, Mitsubishi Trust and JPMorgan Chase, leaving more than a million customers unable to make electronic transfers to other banks. .
The Zengin interbank data communication system remained closed Tuesday evening local time, but previously accepted instructions will be processed through the back-up system and reach destination accounts by the end of the day, the payment clearing network of Japanese banks, which Operates Zengin, said. Net.
The Clearing Network of Japanese Banks said it was the first failure of the system in 50 years since it began operations in 1973.
The affected banks include Resona Bank, Saitama Resona Bank, Kansai Mirai Bank, Yamaguchi Bank, Kitakyushu Bank, Mitsubishi UFJ Trust & Banking Corp., Custody Bank of Japan, JPMorgan Chase Bank, Momiji Bank and Shoko Chukin Bank.
Resona Bank warned that it was possible that transaction requests would not be completed on Tuesday because it was not possible to transfer funds to another bank.
MUFG Bank, the country’s largest bank, said it was unable to complete transfers to other banks requested online and using ATMs, including at some convenience stores. MUFG said it was also not possible to receive the transferred funds from the same banks.
The so-called Zengin system is used by most banks in Japan, with the system processing 6.5 million transactions worth $81 billion per day.
In August, a system meltdown at Bank of Ireland left customers without online and mobile app banking for several hours. The glitch also allowed a large number of customers to withdraw cash from ATMs that was not theirs.
In June 2021, media outlets, airlines and financial institutions around the world were affected by two massive internet outages within a matter of days, forcing the Reserve Bank of Australia to cancel a planned auction of government bonds due to issues with international banks. Those who were scheduled to participate had to be eliminated.
The outage also affected the Hong Kong Stock Exchange, Discover and Navy Federal Credit Union in the United States, and Commonwealth Bank of Australia. Airline Virgin Australia and US carriers Delta, American, Southwest and United were also affected.
News, retail and entertainment sites and apps were shut down, including CNN, The New York Times, Hulu, HBO Max, Spotify, Amazon and Target.