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
- Xero directors Drury, Winkler and Morgan cash in on 35% share price rally
- Kirk Hope rumoured front-runner for top job at BusinessNZ, replacing O'Reilly
- Dimension Data restructures, top salesman leaves
- Bizarre gay dating app dispute reaches NZ courts
- Tech expert's complaint about 'snake oil' ad upheld
Most listened to
- Campbell Gibson, Nick Grant and Chelsea Armitage chat about the inner workings of New Zealand media
- Paul Brislen discusses the 'snake oil' sales tactics of SalesConcepts
- Fonterra chief executive Theo Spierings reveals his ambitious China plan
- UDC Finance chief executive Wayne Percival talks about the company's profit
- Hamish McNicol discusses the latest court stories
- Trilogy International CEO Angela Buglass reviews another bumper result
- Eroad CEO Steven Newman talks about his company's revenue increase
- What do the latest terrorism attacks in Mali and Israel mean? Nathan Smith discusses the latest foreign affairs news
- NZ Windfarms departing director Michael Stiassny speaks out after board exit
- James Mayo talks about SOS Hydration's growth plans after Snowball offer
- Michael Wood on whether he would run in Mt Roskill
- SAFE's Abi Izzard quizzed over protest of a caged hen operation at Pukekohe