Glitch Disrupts Japan's Payment Clearing System, Affecting 11 Banks

Japan's nationwide payments clearing system experienced a disruption, impacting certain fund transfers at 11 banks, including MUFG Bank, as reported by Kyodo News.

Resona Bank and JPMorgan Chase Bank were among the affected banks, as confirmed by the network's operator. Mizuho Bank also faced delays in transferring funds to these banks. I Photo: Suikotei Wikimedia Commons

The Japanese Banks' Payment Clearing Network stated that it was unclear what had gone wrong and when the issue would be resolved.

Resona Bank and JPMorgan Chase Bank were among the affected banks, as confirmed by the network's operator. Mizuho Bank also faced delays in transferring funds to these banks.

While the full extent of the impact was not clear, it was likely affecting numerous users. Resona Bank indicated that money transfers to other banks via ATMs and online banking could not be processed.

Japanese banks are predominantly connected to the key payment network known as the Zengin system, which handles an average of 6.5 million transactions and over 12 trillion yen ($81 billion) per day.

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