Japan's payments clearing network has not yet recovered from a system problem that was detected the previous day and affected over 5 million transactions, its operator said Wednesday, giving notice that restoration work will continue into Thursday.
Japanese Banks' Payment Clearing Network, which continues to use backup measures to process transactions, said it aims to fully restore the system by 8:30 a.m. Thursday.
The problem disrupted over 2.5 million money transfers from MUFG Bank and 10 other banks to other financial institutions, including 1.4 million on Tuesday, and another 2.5 million transfers to the 11 banks from others.
Transfers via automated teller machines, online banking and bank counters were all delayed.
The system failure has affected child allowance payments in some municipalities and delayed insurance payouts by some firms.
"We want them (the operator) to take necessary steps for the fastest possible restoration," Chief Cabinet Secretary Hirokazu Matsuno told reporters Wednesday.
According to the Japanese Bankers Association, it is the first time that bank customers have been impacted by a system problem since the network was launched in 1973.
The issue was detected Tuesday morning following a system update carried out during the three-day weekend. A glitch in a computer system that relays transaction data between financial institutions and the clearing network caused the disruption, the operator said.
Most Japanese banks are connected to the key payment network, known as the Zengin system, which processes an average 6.5 million transactions and over 12 trillion yen ($81 billion) a day.
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