'Global payments issue' hits transactions including house purchases, Bank of England says
The Bank of England does not believe the glitch to be the work of cyber criminals and says it is working to mitigate the impact of the disruption.
Thursday 18 July 2024 17:40, UK
The Bank of England has revealed disruption to some major financial transactions due to a "global payments issue", which has since been resolved.
In a statement on Thursday afternoon, the Bank revealed its high value CHAPS service - which handles payments worth hundreds of billions of pounds each day - was affected by an outage from late morning.
This resulted in delays to transactions between major commercial banks and some house purchases over a period of around four hours.
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It said in the latest statement: "We are pleased to confirm that the third party supplier has restored service following their earlier issues, and CHAPS payments are settling as normal.
"We expect that all payments received by the Bank today will be settled by the end of the day.
"If you are concerned about a CHAPS payment you plan to make or receive today, please contact your bank, or other payment service provider."
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It is understood the incident was not being treated as a potential cyber crime.
It did, however, primarily affect CHAPS, which runs Monday to Friday from 6am to 6pm.
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Retail payment systems, such as ATMs and card payments, were unaffected.
It was unclear how many transactions had been delayed.