Thousands of Barclays customers were unable to make or receive payments over the weekend, with the bank claiming that the end of British Summer time created a malfunction within its system.
The problem occurred on the afternoon of the 24th October, just hours before the clocks went back in the UK.
With the end of British Summer time, Barclays was undergoing some ‘routine maintenance work’ that affected some customer’s experience.
A spokeswoman for the bank commented: ‘‘We can confirm that customer services are now recovering from the outage we experienced yesterday. We apologise to customers for any inconvenience caused.’’
Customers took to social media to complain, with one Twitter user claiming that he couldn’t make any payments.
@BarclaysUKHelp haven't been able to use my card all day, when will system be sorted?!?!
— Sean Jones (@Seanj47) October 24, 2015
Barclays quickly took to Twitter to ease customer’s fears, stating that they are urgently investigating the matter, prompting rumour that the bank has been hacked.
Security fears are high
Concerns over security are running high at the moment, with hackers recently infiltrating the system of phone company Talk Talk, stealing data from around four million customers.
This is not the first time that UK customers have been suffering problems with their banks. In June Payment Eye reported that up to 600,000 Royal Bank of Scotland customers complaining of transaction problems.
Barclays are going through a rough time at the moment. In July, the bank sacked its chief executive over the financial institution’s cost cutting procedures.
The Merchant Risk Council is a global trade association that brings together industry professionals in fraud, risk and payments. The conference saw speakers from the likes of from PayU, JPMorgan Chase, Google and Santander who all took part in educational sessions and spoke about where the industry is heading.
Eastern Europe is still very much a region finding its identity following the breakdown of the Soviet Union over 20 years ago. Countries in the region are at various stages of economic growth and payments infrastructure development, and the e-commerce landscape looks different as you cross borders.
The failure to keep pace with expanding compliance procedures has seen a rise in the number of financial penalties issued by regulators over the past few years. As anti-money laundering (AML), know-your-customer (KYC), counter-terrorism financing and other compliance obligations expand across different territories, organisations large and small have struggled to maintain adequate and comprehensive safeguards – often resulting in sizable fines and significant reputational damage.
Andrew Quartermain, VP Sales at ACI Worldwide, explains that the growth of e-commerce and the rapid rise in the popularity of smartphones has played a big part in driving retail change, with today’s consumer now able to browse, compare, buy, receive and review products at their convenience, wherever they are. Highly connected consumers are demanding a more personalized and seamless shopping experience, wherever and however they choose to shop - and retailers have had to undertake a shift from paper to digital technologies to keep up with this demand.