Technology

HSBC Has Processed All Outstanding Payments After Friday Glitch

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HSBC Holdings Plc has processed all of the 275,000 payments from U.K. business customers that it failed to complete on Aug. 28 after a software problem caused delays.

The issue emerged on Friday morning at Europe’s largest bank, delaying transactions on the final working day on the month in the U.K., when most salaries are paid. Aug. 31 is a public holiday.

“We have now processed all outstanding payments following yesterday’s problems,” HSBC said in an e-mailed statement on Saturday.“Any affected customers still experiencing issues with their account should contact their bank.”

The problem was with the BACS system, which processes electronic payments, the bank said in a Twitter post, without elaborating. The delay raised the prospect that some Britons would have been left without funds before the long weekend that marks the end of the summer.

HSBC processed over 99 per cent of the delayed payments by the end of Friday, it said earlier. The Bank of England said it was in contact with HSBC regarding the problem and was working with the lender to resolve the issue.

Bloomberg News, edited by ESM. To subscribe to ESM: The European Supermarket Magazine, click here.

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