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Australia’s largest banks hit by ‘industry-wide outage’ of critical Osko payment system: It means your bank transfers
- Problems sending and receiving payments through the Osko payment system
- The payment system is used by several banks and thus affects millions of customers
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Australian banks have been temporarily crippled by a breakdown in the OSKO industry-wide payment system, leaving thousands of frustrated customers in the lurch.
The major banks, including ANZ, Commonwealth and Westpac, all experienced the outcry overnight – with the Reserve Bank of Australia admitting it was to blame on Thursday.
“The RBA was dealing with an internal systems issue last night,” the statement said.
Westpac said it was aware of an issue identified by payment platform operators that affected all Australian financial institutions.
Major delays in sending and receiving money are caused by an industry-wide malfunction of the Osko processing system (photo, a message from one of the banks to a customer)
The Reserve Bank of Australia admitted it was wrong on Thursday
“Please know that this has now been resolved,” the bank said Wednesday evening.
ANZ issued a similar statement saying it had “an industry-wide glitch” preventing payment processing.
The Commonwealth was also shocked by the issue affecting OSKO payments.
“Don’t retry your transaction,” the bank advised.
Despite assurances that the technical issue has been resolved, some customers are still experiencing payment delays.
Fears that the fast payment system was experiencing technical difficulties arose Wednesday evening, when reports came out that no money was being received.
Users took to social media that day to express their frustrations.
‘Is there a reason my Osko payments haven’t arrived on the account I transferred to? I’m trying to call to get some answers but I’ve been on hold for a long time…” said one on Twitter.
Osko Payments send bank transfers between participating banks and financial institutions in less than a minute, every day, including weekends.
The payments are made through an individual’s online banking and are supported by BPAY.
Fears that the fast payment system was experiencing technical problems arose Wednesday evening, when reports came out that no money was being received (photo, a message from a bank)