Global Banking Officials Investigate Worldwide “Payments Issue” Causing Delays
Global banking officials are investigating a worldwide “payments issue” that caused delays in high-value and time-sensitive money transfers, including house purchases. Swift, the global financial network, experienced an operational incident that led to disruptions in the global payments system.
The Bank of England issued a warning about potential issues with the CHAPS system, utilized by UK High Street banks and international lenders. The problem was eventually resolved after impacting several financial institutions and individuals relying on CHAPS for transactions such as house completions and car purchases.
The incident, which was not cyber-related, highlighted the reliance on Swift for seamless money transfers across borders. The disruption caused concern for home buyers facing delays in completing transactions on the day of moving.
As investigations continue into the cause of the payment delays, customers are advised to contact their banks for any outstanding CHAPS payments. The incident serves as a reminder of the critical role that global financial networks play in facilitating daily transactions worth billions of pounds.