Satoshi Nakamoto Blog
Image default
Banking digital Financial Services/Finserv homepage-featured-4 Payments TSB

TSB suffers fresh payments glitch – FinTech Futures

TSB has been hit by a set of payments delays that have left customers out of pocket, while others have claimed that they have not been able to access their accounts.

TSB customers have reported not receiving their pay

“Some payments into TSB accounts have been delayed overnight and we are working to process these as soon as possible today,” the bank states on social media. “We apologise for the inconvenience this has caused and will ensure customers are not left out-of-pocket.”

The bank has been forced to offer emergency funds, stating: “If TSB customers need emergency cash contact us via the number on the back of their card. Customers can still use their cards to make payments or withdraw cash.”

Customers have replied to the bank of Twitter, with some saying that they have been unable to receive their wages as a result of the problems.

These latest issues come just a few days after TSB was criticised in a report from law firm Slaughter and May for its major IT meltdown in April 2008, caused by a botched core banking replacement.

The report stated that there were more than 2,000 defects relating to testing at the time the new system went live, but the board were only told about 800.

Related: UK Treasury Committee says banks must be punished for IT failures 

TSB launched migration from a legacy banking platform provided by Lloyds Banking Group to a custom-built system, Proteo4UK, in April 2018. For five days customers could not bank remotely and reported multiple problems with their accounts and transactions. Some were logged into other customers’ accounts. TSB tabled a £107 million loss as a result of the chaos, while its CEO Paul Pester resigned a few months later.

The migration was a massive undertaking – five million customers and their 1.3 billion records were moved. The bank called has since called it “the most complex change programme TSB has ever carried out and one of the most complex in British banking history.” Planning for migration began more than four years before the main migration event in April 2018, and involved “extensive technical, regulatory and third-party engagement and support”.

In a note to employees in October, TSB’s new chief operating officer told staff that it has “too many people” in some roles and that its IT infrastructure needs to be strengthened.

Source link

Related posts

Humanity 101 – FinTech Futures


Banking software solutions for home working – FinTech Futures


US gets new challenger Level Bank by Zero creators – FinTech Futures


Estonia ups requirements for virtual currency licences – FinTech Futures


Singapore-based challenger YouTrip scores $25.5m funding – FinTech Futures


First Direct unleashes social media payments – FinTech Futures