The Bank of England has confirmed that a crucial system responsible for processing approximately 1 trillion pounds in daily transactions is back up and running after a technical glitch.
The Realtime gross settlement service which is vital for transactions between banks and other financial institutions, and the CHAPS payments service for large transactions, were both affected. The Realtime gross settlement system typically settles over 750 billion pounds every working day while CHAPS transact about 350 billion pounds per day, including property sales.
The outage, which lasted around six hours, resulted in a backlog of transactions that the bank is now addressing. The issue could have caused significant delays for people trying to complete property purchases, especially considering August is the busiest month for home moves. The bank has not provided details about the cause of the recent system failure.