Technical Glitch Downs Bank Of England’s $110 Trillion Payments System

Technical Glitch Downs Bank Of England’s $110 Trillion Payments System (ZeroHedge, Oct 20, 2014):

The Bank of England’s “Real Time Gross Settlement Payment System” (RTGS) – the UK’s equivalent of the US FedWire – has gone offline this morning due to a technical glitch, according to The Telegraph. RTGS, which processes large payments in real-time (including home purchases) between British banks – and processed GBP70 trillion in payments across 5000 entities last year – has been down since 6am London time (the fault was disclosed over 5 hours later at 1130 London Time). For now the largest payments are being processed manually and smaller payments are on hold.

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