Australian banks hit with payment transfer outage as RBA blames technical error

Reserve bank says system is back up and running on Thursday, and they are working to clear the backlog

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The Reserve Bank has said an internal system engineering issue caused a four-hour industry-wide bank payment transfer outage that left customers in the lurch.

The RBA confirmed the issue affected its fast settlement service which provides for the settlement of New Payments Platform (NPP) transactions between banks.

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