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C H A P S | Bank Of England Payment System ' Offline For Hours'

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The infrastructure that processes large payments including house purchases between British banks has gone offline, the Bank of England has said.

The central bank said the “Real Time Gross Settlement Payment System” (RTGS), which settles large transfers between banks, had gone offline, and remained so on Monday morning.

It said that the biggest payments were being processed manually and reassured the public that all payments would be on Monday, since the system has the capacity to process a large number of payments when it does go back online.

Smaller payments such as standing orders and direct debits use a different system and have not been affected.

http://www.telegraph.co.uk/finance/bank-of-england/11174071/UK-bank-payment-system-goes-offline.html

Edited by M21er

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One of the top comments on the Telegraph:

6am Monday morning, not very random is it as these things are, there is a greater chance it was turned off to save a bank from going bust, is that bank negotiating to get the money now or will the tax payer have to bail them out?

Was exactly my thought... NR2?

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You know I have had this from a few high street banks recently. Unable to do this or that due to essential maintenance to card payment systems going down. It COULD just be maintenance of ever more complex systems OR a big part of me keeps viewing there failures as deliberate as the banks prepare systems for a forced bank holiday or a seizure of assets.

Maybe I am just being paranoid? I think they are putting in an emergency shutdown button in the case of a run on the banks or economic calamity.

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One of the top comments on the Telegraph:

6am Monday morning, not very random is it as these things are, there is a greater chance it was turned off to save a bank from going bust, is that bank negotiating to get the money now or will the tax payer have to bail them out?

Was exactly my thought... NR2?

More likely a weekend IT upgrade that went wrong. Having spent some time working in that area I'm honestly amazed it doesn't happen more often.

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I've been trying to get rid of my (share of a) house for seven years (long and bitter tale of woe) - completion finally set for today and the banks go t1ts up and can't process the transactions...

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trillions passing through every week...i guess all those pallets of digital numbers must weigh a fair bit.

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The system is down.

http://www.thisismoney.co.uk/money/mortgageshome/article-2800172/moving-day-agony-glitch-chaps-stalls-house-purchases.html

"Moving day agony as glitch in Bank of England system used by house purchase payments stalls home completions

"

They have re-named the system CHUMPS.

Edited by TheCountOfNowhere

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You know I have had this from a few high street banks recently. Unable to do this or that due to essential maintenance to card payment systems going down. It COULD just be maintenance of ever more complex systems OR a big part of me keeps viewing there failures as deliberate as the banks prepare systems for a forced bank holiday or a seizure of assets.

Maybe I am just being paranoid? I think they are putting in an emergency shutdown button in the case of a run on the banks or economic calamity.

Halifax has sent me a few planned maintenance messages over the past couple of months. No mention of what the changes are though.

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Sounds like they were patching for PoodleBleed and something in the chain was still using SSL3.

A lot of big companies have been having similar issues over the last few days, and it probably isn't over yet.

When they don't announce any details, its a sure bet that it is something security related.

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Sounds like they were patching for PoodleBleed and something in the chain was still using SSL3.

A lot of big companies have been having similar issues over the last few days, and it probably isn't over yet.

When they don't announce any details, its a sure bet that it is something security related.

This was before Poodle.

If they had to take the whole system down just for patching it would happen more frequently.

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It's going to be mighty expensive if all the vendors do press their solicitors to go after the buyers. All the sellers up the chain could keep the ever larger deposits from the buyer below, with the FTB/STR at the bottom with nowhere to sell taking all the pain!

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