ECB Probes 10-Hour TARGET2 Payment System Outage

Law360, London (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...

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.


  • Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and so much more!

TRY LAW360 FREE FOR SEVEN DAYS

Related Sections

Government Agencies

Hello! I'm Law360's automated support bot.

How can I help you today?

For example, you can type:
  • I forgot my password
  • I took a free trial but didn't get a verification email
  • How do I sign up for a newsletter?
Beta
Ask a question!