Business & Economy

Japan’s money transfer network back online after two-day outage

Tokyo, Oct 12 (EFE). – Zengin-net, the company that operates the Bank Data Verification System in Japan, announced Thursday that it had re-established the money transfer network, which had been partially collapsed for two days.

More than 5 million transactions were affected by the disruption of national transfer services since Tuesday due to a spontaneous computer glitch.

Since 8:30 local time Thursday, the system has been working without problems, Zengin-net said in a statement.

The glitch paralyzed transfers to and from at least 11 banks, including Japan Post, Mitsubishi UFJ, Resona, JP Morgan Chase, Momiji, Yamaguchi and Kitakyushu regional banks, or Shoko Chukin Bank, a government-affiliated SME lending institution.

The disruption also had an impact on online payment applications and the payment of subsidies in locations where they are administered by these banks.

This week’s problem was the first of its kind since the Zengin Network system was established in 1973.

Most Japanese banks are connected to this network, which processes an average of 6.5 million transactions and more than 12 trillion yen (about 76.1 billion euros or 80.4 billion dollars) per day. EFE

mra/mcd

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