1. Home
  2. bank
  3. $81,000,000,000 in Bank Transfers Abruptly Halted As JPMorgan Chase and Big Banks Encounter Major Glitch in Japan: Report
,000,000,000 in Bank Transfers Abruptly Halted As JPMorgan Chase and Big Banks Encounter Major Glitch in Japan: Report

$81,000,000,000 in Bank Transfers Abruptly Halted As JPMorgan Chase and Big Banks Encounter Major Glitch in Japan: Report

0

Source: Daily Hodle

Engineers are investigating a banking glitch that triggered a total shutdown of billions upon billions of dollars in bank transfers in Japan.

The glitch began on Tuesday, leaving more than one million customers unable to move their money and affecting banking giants including JPMorgan Chase, MUFG and Mitsubishi Trust.

The system breakdown halted a staggering $81 billion in transfers, reports UPI, and it took more than a day for engineers to piece things back together.

An interbank communication system called Zengin was at the core of the failure as banks scrambled to process transactions with a backup system.

Japan’s biggest bank, MUFG, said transfers to other banks initiated online and at ATMs and convenience stores were denied as Zengin worked to identify the cause of the issue and recalibrate the system.

Zengin says it’s now focused on ensuring such widespread failures don’t happen again.

“Given the significant impact this incident has had on our customers, we will promptly investigate the cause and develop measures to prevent it from happening again.”

It’s not the first time people and businesses have been walled off from transferring their funds.

In October of 2020, the real-time gross settlement system for the Euro known as TARGET2 sputtered, with several European banks unable to process cross-border Euro transfers.

And in July of 2018, the UK’s Faster Payments Service, which facilitates real-time payments between banks, suffered an outage that hit customers at HSBC, Barclays, and Lloyds.

Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox

Check Price Action

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix

Check Latest News Headlines

&nbsp

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: Midjourney

The post $81,000,000,000 in Bank Transfers Abruptly Halted As JPMorgan Chase and Big Banks Encounter Major Glitch in Japan: Report appeared first on The Daily Hodl.

Go to Source
Author: Daily Hodl Staff