Central Banking

RBA to review payment system after outage

Reserve Bank of Australia
Photo: Alex Towle

The Reserve Bank of Australia says it will look into improving its payments system capabilities, after an outage in October delayed hundreds of thousands of payments by around four hours, and in some cases up to more than five days.

The outage, which lasted from 7pm on October 12 into the early hours of October 13, was triggered by a problematic software update. It affected the RBA’s Fast Settlement Service (FSS) and Reserve Bank Information Transfer System (RITS).

“The root cause was an

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact info@centralbanking.com or view our subscription options here: http://subscriptions.centralbanking.com/subscribe

You are currently unable to copy this content. Please contact info@centralbanking.com to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to Central Banking? View our subscription options

Register for Central Banking

All fields are mandatory unless otherwise highlighted

This address will be used to create your account

FedNow – at last

The instant payment system might help fix the US’s rusty payment rails, but it also faces competition, says Dave Birch

You need to sign in to use this feature. If you don’t have a Central Banking account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account

.