The Reserve Bank of Australia said a planned software update involving its virtual servers was the cause of an outage that disrupted 800,000 transactions, worth almost a billion dollars.
The outage crippled real-time and overnight payments at banks during a four-hour window after the central bank’s fast settlement service and low-value clearing and settlement service went down between 7:21pm and 11:47pm on Wednesday.
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James Eyers writes on banking, payments and fintech. He is a former legal and investment banking editor at the AFR, has degrees in commerce and law from UNSW, and is co-author of Buy now, pay later: The extraordinary story of Afterpay Connect with James on Twitter. Email James at jeyers@afr.com.au
Ayesha de Kretser is a senior reporter with The Australian Financial Review covering the aviation and tourism sectors. She has previously reported on banking, mining and commodity markets. Connect with Ayesha on Twitter. Email Ayesha at ayesha.dekretser@afr.com.au
