The European Central Bank's T2 payment system, which handles transactions amounting to trillions of euros daily, has encountered another malfunction. The cause was issues following a software update.
On Monday morning, the European Central Bank's (ECB) T2 payment system malfunctioned for the second time in a week due to a technical issue related to software updates.
The system, which facilitates payments amounting to trillions of euros daily, was unavailable for about 40 minutes. As a result, there were delays in transactions both in euros and Danish kroner.
The ECB reported that the incident was caused by a recent update to its IT infrastructure. Specialists quickly identified and resolved the malfunction, after which the system returned to normal operation.
According to the treasurer of one of the major banks in the eurozone, there were still some delays in processing payments on Monday morning, but the system's operation gradually normalized thereafter.
This is the second malfunction of the T2 system in the past week — the previous one occurred on June 29. An even more serious incident happened last year when a hardware failure caused the payment system to be down for nearly seven hours, leading to delays in salary payments, social benefits, and settlements in the eurozone financial markets.
Leave a comment