European Central Bank (ECB) to probe major payment system outage

guest · Nov 16, 2020

ECB to probe major payment system outage
November 16, 2020
https://www.reuters.com/article/us-...obe-major-payment-system-outage-idUSKBN27W1WQ

The European Central Bank said on Monday it was launching an independent review of a major outage of its payment systems and other incidents affecting its settlement platforms this year.

The ECB’s Target2 platform, which processes large-value payments in euros, was down for almost 10 hours on Oct 23 due to what the central bank now says was a “software defect”.
The central bank said the probe would now look into this and other disruptions, including some on its Target 2 Securities platform.
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It added it would publish the main findings of the review by June.
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ECB blames Target2 outage on third-party vendor (October 30, 2020)

Target2, the system used by central and commercial banks to process large-value euro payments, went down on 23 October.
The failure lasted for several hours, affecting all its payment transactions. It even reached Target2’s backup and contingency systems.

Payments were out of action for around eight hours on Friday from 14:40 CET. It came back online at 22:30 CET, after the failover completed and settlement services were restarted.

“The root cause has been found in a software defect of a third-party network device used in the internal network of the central banks operating the Target2 service on behalf of the Eurosystem,” the bank said on 28 October.
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European Central Bank (ECB) to probe major payment system outage

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