Saturday, August 29, 2015

275,000 people not paid as HSBC's payments system fails in Britain

It was a bad day at HSBC as it failed to make payments to some 275,000 people due to system crash.

A report says that hundreds of millions have not been paid to up to 275,000 people Saturday today and the victims take to social media to complain as their salaries are not paid.

HSBC first denied fault but three hours later Britain's biggest bank, which has 16 million UK customers, revealed an IT glitch in the Bacs system meant they failed to transfer hundreds of millions of pounds on pay day. 

HSBC has however promised that the payments will be made by the evening.

Bacs,  that stands for 'Bankers' Automated Clearing Services,'is a system in the UK for making payments directly from one bank account to another and is used largely used by employers to pay employees weekly or monthly.

Read details at Mail Online

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