Australia\u2019s retail banking sector and payment systems operators will have nowhere to hide as they face up to reveal public outage severity figures or manipulate up-time performance stats as regulators attempt to arrest crippling software glitches.<\/p>\n
The Payment Systems Board \u2013 whose members include the chairs of the Reserve Bank of Australia and the Australian Prudential Regulatory Authority \u2013 said it will make public the outage data it collects.<\/p>\n
Ironically the move comes after millions of Australians spent Monday waiting for funds to finally clear, four days after a massive outage at the Commonwealth Bank.<\/p>\n
This appears to have been due to widespread dependence on legacy batch systems by the other Big Four banks and smaller institutions.<\/p>\n
\u201cFollowing a sharp jump in outages recently, the [RBA] will be looking to take additional steps to encourage improved operational resilience,\u201d the Payment System\u2019s Board annual report said.<\/p>\n
\u201cTo strengthen transparency and market discipline, the [RBA] will be working with Australian Prudential Regulatory Authority (APRA) and the industry to develop a standardised set of statistics on operational outages in retail payments, to be publicly disclosed by individual institutions.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"