RBS Payment Problem Resolved

RBS Payment Problem Resolved

The Royal Bank of Scotland (RBS) has announced that an IT problem which caused 600,000 payments to go missing from customers’ accounts, has been fixed. Payments affected included disability allowance, tax credits and wages in all four of the banks owned by the RBS group, which consists of RBS, NatWest, Coutts and Ulster Bank. Initially the bank warned that it could take until Sunday to solve the problem, but it was thankfully resolved by Friday.

The taxpayer-backed bank issued an apology to the customers affected and has assured that them that no customer’s credit score would be adversely affected by missed payments as a result of the glitch. However, chief administration officer Simon McNamara has said that RBS cannot guarantee that such a technical problem will not arise again, despite pressure for such an assurance to be made.

Following this glitch, which is the latest in a series of technical problems experienced by the banking group, the Prudential Regulation Authority has been in contact with the RBS group. RBS also has announced plans to invest £150 million a year on improving the resilience of its IT systems


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