The Bank of England has resolved a "technical" glitch that shut down its real-time gross settlement system and Chaps high value payments network for six hours on Monday morning.
The Bank has given no explanation for the outage, the second serious technical fault to have struck the crucial bank-to-bank payments infrastructure over the past deacde.
In 2015, The Bank of England was ordered to improve contingency arrangements and strengthen its crisis management framework following an independent review of a ten-hour Chaps breakdown the previous year.
In March 2019, the central bank was hauled over the coals by a Common Select Committee in a searing critique of its outmoded technology estate, culture and procurement activities.
The Bank has since kicked off a wider multi-year programme to renew the RTGS service that will see the roll out of a new core settlement engine next summer.
The RTGS backbone settles more than £750 billion on average every working day, with peaks reaching more than £1 trillion in autumn last year, according to the Bank.
Chaps processes about £350 billion a day, including banks paying one another large sums.