Zengin-Net, the Japanese bank clearing network, has announced that member banks will compensate for fines and fees incurred from late payments, following a two-day system outage, marking the largest incident in 50 years, affecting 10 banks and 2 million money transfers.
Zengin processes approximately 9 million money transfer transactions daily, totaling a value of 14 trillion yen per day, without any significant issues since its inception in 1973.
The initial cause stemmed from a computer that had recently been replaced, which miscalculated the fees and subsequently stopped functioning. The true underlying cause will be investigated and reported by Zengin to the Financial Services Agency by the end of November.
TLDR: Zengin-Net, the Japanese bank clearing network, experienced a major two-day system outage, impacting 10 banks and 2 million money transfers. Zengin will compensate for fines and fees incurred from late payments. The incident was caused by a computer error and an investigation will be conducted by Zengin to determine the underlying cause.