British banking authorities are pressuring the Bank of England to offer far more details about its ten-hour breakdown on Monday (Oct. 20) of the UK’s high value payments system, CHAPS, Finextra is reporting.
“The breakdown in service is a huge embarrassment for the Bank of England, which has previously lambasted the nation’s banks for the failings in their legacy IT infrastructure,” the story said.
Andrew Tyrie MP, chairman of the Treasury Committee, has written to BofE governor Mark Carney, demanding a full explanation. “A crucial part of the UK’s financial infrastructure failed for several hours today. I will be writing to the Bank of England to find out why,” he said, according to the story. “The whole economy depends on a reliable payment system. We need to have confidence that the cause has been found and addressed.”
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