RBS technical glitch has made millions of pounds disappear

By Nicole Miskelly | 18 June 2015

Millions of pounds have gone missing from RBS customer accounts, after a technical glitch on Tuesday night.

The glitch, which RBS has referred to as “an issue with overnight processing”, meant that 600,000 payments to and from customer accounts of NatWest, Ulster Bank, Coutts and RBS disappeared overnight and has resulted in thousands of people not being paid.

“We are aware of an issue with our overnight process which has resulted in some of our customers not having credits or debits being applied to their accounts. We are working to get this resolved as quickly as possible and apologise to customers for the inconvenience caused,” a spokesperson for RBS said.

Hundreds of customers took to Twitter to voice their panic over the mishap, after they checked their account to find it empty or had card payments declined in shops. RBS has since said that engineers are working on fixing the problem in what they called a “matter of urgency” but the managing director of RBS and NatWest has told ITV News that he cannot give a firm timescale for when the glitch would be fixed, and that the money would appear in customer accounts no later than Saturday.

Customers who have been affected are being asked to visit their local branch or contact RBS, and some customers that need funds urgently are being offered temporary credit funds.

Commenting on the news, John Rakowski, solutions evangelist, AppDynamics, believes that the RBS glitch should remind banks that having robust solutions in place is crucial to the customer experience. "Delivering a first-class mobile banking service to customers relies on multiple applications and IT systems working seamlessly. The RBS online banking glitch should serve as a strong reminder to retail banks that having a robust analytics and application performance monitoring solution in place is crucial to ensuring customer experience in today’s digital economy.”

Rakowski also says that “performance glitches are not uncommon and will continue to increase unless businesses readdress how they manage critical IT applications and infrastructure.”

 

Become a bobsguide member to access the following

1. Unrestricted access to bobsguide
2. Send a proposal request
3. Insights delivered daily to your inbox
4. Career development