Computer glitch knocks out Mizuho settlement system
23 July 2003 | 4468 views | 0
Japan's Mizuho Corporate Bank failed to settle five thousand overseas deals on Tuesday after experiencing a glitch in its computerised settlement system.
Responding to reports in the Asian Wall Street Journal, the Japanese conglomerate admitted that a systems problem had affected custody transactions with about 30 firms.
Although the problem was fixed on Tuesday, about 1800 transactions remained unsettled by late Wednesday because of a processing delay, the bank said.
In August last year, Mizuho Bank agreed to pay the Tokyo metropolitan government Y17 million for damages incurred when the bank's computer systems crashed following its creation from the merger of Fuji Bank and Dai-Ichi Kangyo Bank. The glitches affected 2.5 million transactions, caused 60,000 erroneous double deductions from accounts and froze operations at Mizuho's 7000 ATMs.