National Australia Bank online banking crash! The RBA has called on banks to address frequent system failures.

Remember the recent incident when Coles suffered a major technical glitch that led to the closure of all 800 stores across Australia.

On 19 October, however, there was another massive technical defect in the Australian banking system!

On the morning of October 19, National Australia Bank suffered a widespread technical failure that caused its application and web banking system to crash, preventing users from accessing mobile apps and PC versions of online banking, and affecting merchant POS terminals, radio 7 News reported.

ATMs, NAB cards and Apple Pay are still available. On Monday morning, the bank confirmed that it knew of a major technical problem with the system’s network.

According to the social media messages of NAB, its merchant POS terminal transaction payment system, Mobile Banking, Web Banking have not been able to use and open the situation until 4 p.m., the problem has been gradually resolved. In a statement on Twitter, NAB said: “We will resolve this issue as soon as possible and regret the change.” “

Image :NAB Twitter page

This sudden situation also nasty everybody, the netizens makes fun of in succession on the Net, oneself encounter trade process occurrence problem.

Photo credit: Netizen’s Twitter page.

As a matter of fact, with the increasing degree of electronic banking system, major Australian Banks also frequently appear system failure problems.

On the same day as the nAB glitch, Australia’s central bank, the RBA, will require Banks to report on electronic banking system glitches from the middle of next year, so that the market can get information about the reliability of the banking system and force them to make the necessary investments.

As the coVID-19 unforeseen acceleration of the structural shift from cash to digital payments has led to a sharp increase in pressure on traditional Banks’ online trading systems, rBA data show a significant increase in the frequency and duration of retail payment failures in recent years.

According to the data, the frequency of failures in 2020 has increased from less than 1,000 in 2017 to about 2,300, and the number has risen in each of the past three years. Even the most technologically advanced and leading Commonwealth Bank of Australia (CBA) suffered two massive outages in July and August, with millions of people not having access to payment services for hours.

Software glitches were the main cause, as were problems with telecommunications infrastructure and third-party services.

The report also shows that the RBA supports ATM consolidation. The continuing decline in cash consumption has changed the economic viability of cash distribution services. However, in order to ensure adequate access to cash services, the RBA did not rule out integrating ATMs into utilities that are jointly owned or outsourced by participants.

This arrangement may now be an effective way to maintain widespread ATM coverage, which is particularly important in remote areas with fewer cash services.