It has been just revealed that JPMorgan Chase and big banks have encountered a huge glitch in Japan. Check out the latest reports about the matter below.
Huge bank glitch in Japan is addressed
Japanese engineers are currently investigating a banking glitch that caused a complete shutdown of billions of dollars in bank transfers.
The glitch began on Tuesday and affected more than one million customers, leading to a halt in $81 billion transfers.
This system breakdown impacted banking giants such as JPMorgan Chase, MUFG, and Mitsubishi Trust.
The failure was caused by an interbank communication system called Zengin, and it took more than a day for engineers to restore the system as banks scrambled to process transactions with a backup system.
MUFG, Japan’s largest bank, reported that transfers to other banks initiated online, at ATMs, and convenience stores were denied due to an issue with the Zengin system.
Zengin is now working to identify the cause of the issue and take steps to prevent similar failures from occurring in the future. In response to the incident, Zengin has stated that it will investigate the cause of the issue and develop measures to prevent it from happening again in the future.
This is not the first time that people and businesses have been unable to transfer their funds. In October 2020, the Euro’s real-time gross settlement system, known as TARGET2, experienced issues, with several European banks unable to process cross-border Euro transfers.
Additionally, in July 2018, the UK’s Faster Payments Service, which facilitates real-time payments between banks, experienced an outage that affected customers at HSBC, Barclays, and Lloyds.
