Bank Transfer Troubles?

[Majestic]

What's going on with the Japanese banking system? For the guys living there, is it causing you any problems? What are companies doing about payments that are late due to this trouble? ATMs are still working?

What's going on??

 

[mdchachi]

What's going on with the Japanese banking system? For the guys living there, is it causing you any problems? What are companies doing about payments that are late due to this trouble? ATMs are still working?

What's going on??

The Japanese banking system is experiencing a major disruption due to a glitch in the Zengin System, which is a nationwide online network for banks handling domestic transfers12. The glitch affects 11 banks, including MUFG Bank, Mizuho Bank, Resona Bank, and JPMorgan Chase Bank2. The problem emerged after the replacement of relay computers during the long weekend that lasted through Monday1.
The glitch has caused delays and failures in money transfers to and from the affected banks, impacting their customers and businesses. Some banks have urged their customers to use accounts at rival banks for fund transfers as a temporary solution3. ATMs are still working, but money transfers to other banks via ATMs and online banking are not possible for some banks2.
The Japanese Banks' Payment Clearing Network, which operates the Zengin System, said it was unclear what went wrong and when the problem would be fixed. It is the first time that bank customers have been impacted by a system problem since the network was launched in 19732. The glitch has raised concerns over the reliability and security of the Japanese banking system, as well as the potential economic impact of delayed payments.

 

[thomas]

TBH, I haven't noticed a thing. The last time I used an ATM was on Saturday. It worked flawlessly.

 

[thomas]

More info also in this piece:

Interbank transfers are currently also not possible for Resona Bank, Saitama Resona Bank, Kansai Mirai Bank, Yamaguchi Bank, Kitakyushu Bank, Mitsubishi UFJ Trust and Banking, Custody Bank of Japan, JPMorgan Chase Bank, Momiji Bank, and Shoko Chukin Bank.

Zengin System glitch continues to halt interbank transfers | The Asahi Shimbun: Breaking News, Japan News and Analysis

 

[Lothor]

Does anyone know if transfers within the same group are OK, e.g., from MUFG Ikebukuro branch to MUFG Shibuya?

 

[mdchachi]

According to the information I [Bing Chat] found, transfers within the same group are not affected by the glitches in the Zengin system. The Zengin system is used for domestic transfers between different banks, not within the same bank1. Therefore, you should be able to transfer money from MUFG Ikebukuro branch to MUFG Shibuya branch without any problems. However, if you want to be sure, you can always contact your bank or check their website for the latest updates. I hope this helps.

 

[thomas]

According to the news, the issues were resolved yesterday morning:

Restoration work for Japan's payment clearing network was completed Thursday morning, two days after a system failure disrupted fund transfers at 11 banks, its operator said. Among the 11 banks, MUFG Bank said the same day that its transaction service had returned to normal. Over 5 million transactions were affected, with transfers via automated teller machines, online banking and bank counters all delayed.

The issue was detected on Tuesday morning following a system update carried out during the three-day weekend. A glitch in a computer system that relays transaction data between financial institutions and the clearing network caused the disruption, the operator said. Most Japanese banks are connected to the key payment network, known as the Zengin system, which processes an average 6.5 million transactions and over JPY 12 trillion (USD 81 billion) a day.

Japan payment clearing network restored after two-day disruption

Over 5 million transactions were affected, with transfers via automated teller machines, online banking and bank counters all delayed.

www.japantimes.co.jp