The Bank of England has appointed Deloitte to conduct an independent review of the ten-hour breakdown in the operation of the UK's high value payments system, Chaps, last month.
The Bank has so far remained tight-lipped about the fault, which saw the deadline for processing payments through the system extended into the evening as it struggled to clear a large backlog.
Although it has yet to give a clear explanation, it is understood that the glitch followed a weekend upgrade to change the name of a single bank name, from Northern Bank to Danske Bank, on the Chaps platform.
The breakdown in service was a huge embarrassment for the central bank, which has previously lambasted the nation's banks for the failings in their legacy IT infrastructure.
In a statement, the Bank says the review will "investigate the causes of the incident, the effectiveness of the Bank’s response and provide lessons learned from the incident".
Deloitte will be charged with performing a root cause analysis, evaluating the robustness of the system and reviewing governance procedures. It will also look into the effectiveness of the Bank's response on the day and the efficiency of its incident management and back-up plans.
The findings of the review will be presented to the Court of the Bank of England which will publish the full report and the Bank’s response in early 2015.