ECB Probes 10-Hour TARGET2 Payment System Outage

By Irene Madongo (November 16, 2020, 6:07 PM GMT) -- The European Central Bank said Monday it will launch an independent review into a 10-hour outage in the TARGET2 payments system, Europe's platform for processing large-volume payments in the banking system.

The review will look into an outage that occurred on Oct. 23, as well as recent disruptions to the TARGET2 Securities platform, the securities settlement platform operated by the Eurosystem of Eurozone central banks.

An initial probe found that a software defect was the technical cause of the 10-hour outage, the banking regulator said.

"The Eurosystem is committed to identifying lessons learned from the recent incidents in full transparency and...

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