Approximately 600,000 payments that failed to enter the accounts of RBS customers overnight may not be completed until the end of the week, the bank said.
RBS initially said some payments were, “missing” but it had now identified and fixed the underlying problem and that delayed payments would be processed “no later than Saturday”.
In 2012, the Group was hit by a major IT failure resulting in a large fine. Customers from both RBS, NatWest, Coutts and Ulster Bank (all part of the same banking Group) have been affected by this latest issue.
The 600,000 transactions were delayed and the banking group said that it was now trying to update accounts as a “priority”.
“We are aware of an issue which has resulted in a delay to payments and direct debits being applied to some customer accounts” said a spokesman for RBS. “We have fixed the underlying issue, we apologise for the inconvenience caused and we are working flat out to get these payments updated for our customers, no later than Saturday”.
“……… we advise them to come into a branch or get in touch with our call centres, where our staff will be ready to help. We will ensure no customers are left out of pocket as a result of the issue” said a spokesman for RBS.
Some customers reported waiting up to an hour for an answer from the bank’s call centre. The bank said it was experiencing a “high volume of calls”.
HM Revenue and Customs (HMRC) which oversees some benefits payments, said that some tax credits and child benefit payments had NOT gone through, and that those affected should contact their bank.
So, everybody is affected and that impact will quite rightly affect individuals in many different ways. Some families in the United Kingdom survive with the support of their tax credits and child benefit payments and this is likely to hit those awaiting payments dramatically and truthfully no call centre call is going to help them feed their children or make their due bill payments.
Others will be affected as their wages or payment of their wages bill has not successfully been transacted. Properties being purchase will be affected with funds not being successfully received into Lawyer’s client accounts from Lenders impacting the completion of a property’s purchase with a financial penalty being incurred for breach of contract. Without even touching upon the human anxiety of such an occurrence with families temporarily being homeless awaiting the successful Lawyer client to client transfer for the completion to be concluded and keys released.
This is a banking disaster (again by RBS) which impacts their customer base with major impact. Who owns a significant share of RBS, The British Government?
This banking failure is shameful on all sort of levels and surely The British Government will seriously have to consider how they successfully influence RBS internal organisational structure to ensure change to be seen to be going to any length to ensure that this DOES NOT happen again, as this is a seriously horrendous moment of de ja vous for the British Banking system.
However, what does this mean for Bitcoin and the Blockchain? It is a “marketing” coup gratefully received from the British Banking system that will have a worldwide coverage. And if the Greek people are to be considered for their proactive belief in bitcoin, it is not unreasonable to think that the British people will consider an investment or too, even if they are unable to switch their day to day banking allegiance.
Bitcoin and the Blockchain for the future of successful, immediate, digital ledger banking transactions for there is not only an obvious identified need but requirement for expedited implementation for the benefit of our banking humanity.