Bank of England apologises for Globus hitch - FT

Bank of England apologises for Globus hitch - FT

The Bank of England (BoE) has been forced to apologise to customers after a failure in its IT system - the Globus product from Swiss core banking vendor Temenos - caused delays on payments, according to a report by the Financial Times.

According to the story, the problems arose after the introduction of the Globus system on July 28. The system processes payments between institutions.

The FT says the BoE has written to about 1000 institutions using the system to acknowledge that there have been problems, saying that the system may have been launched too early. The bank has offered compensation to firms that have lost interest payments.

BoE stressed that payments to the public have not been affected and that the operation of the wholesale payment system and money markets has not been damaged.

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