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

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