ECB Payment System Faces Second Outage This Week

The European Central Bank's payment system, T2, experienced a brief outage for the second time in a week due to a software glitch. This affected daily transactions in euros and Danish crowns but was resolved quickly. The issue arose from a recent software update.

The European Central Bank's payment system faced a second outage within a week due to a software glitch. The T2 system, which processes trillions in daily transactions, was down for 40 minutes early Monday, causing delays in euro and Danish crown settlements.

A spokesperson for the ECB confirmed that both disruptions stemmed from a recent software update, though systems are now back to normal operations. A similar outage took place on June 29, and commercial banks reported minor delays at Monday's start of the business day.

Last year, a seven-hour shutdown due to hardware failure impacted salaries and welfare payments across the eurozone. The latest glitch underscores potential vulnerabilities in critical financial infrastructure.