Payments NZ, which manages overnight payments between banks through its Swift network, says a computer glitch hit its system at 2am this morning.
The problem - caused by a single faulty jumper cable - affected all New Zealand banks, and meant payments - including thousands of wages and salaries - did not go through.
Payments NZ CEO Steve Nichols said that the fault was fixed, but it would take time to sort out all payments.
“Experts from all banks have been working throughout the night to clear the backlog of payments. Some payments have been processed already and we expect that everything will be back to normal soon.”
Most payments had been put through by around 1.30pm.
Although tens of thousands were affected, a recent move from single overnight payments to banks exchanging payments five times a day limited the scope of the problem.
This article is tagged with the following keywords. Find out more about MyNBR Tags
- Rich Lister John Spencer of Caxton paper fame dies
- NZ POLITICS DAILY: The new critics of Waitangi
- MARKET CLOSE: NZ shares fall on underwhelming SkyCity outlook; Xero, MRP decline
- NZ dollar gains on greenback weakness driven by US rates, economy outlook
- Solid Energy in better position than sold-for-a-dollar Aussie coal mine, CEO Clifford says
Most listened to
- Tech commentator Paul Brislen breaks down the latest telco sector report
- NBR reporter Tim Hunter discusses Intueri's problems
- NZ ambassador to Turkey Jonathan Curr talks about improving Turkish - NZ relations
- Hamish McNicol discusses Masala Restaurants and Kim Dotcom in this week's Court Report
- Conflict controversies, increased sports rights competition and MIA IPOs: Chelsea Armitage and Nick Grant on NZ media