.svg)
Bug Fixed After ACH 'Processing Issue' Cancels Out 900,000 US Salary Payments
The US Federal Reserve has announced that all services are operating normally again following issues with the Automated Clearing House (ACH) that left 900,000 salary payments undelivered.
On November 3, the Fed said that a “processing issue” at Electronic Payments Network (EPN), a private-sector ACH operator, resulted in a number of ACH entries having certain data elements obscured.
The error was contained in a single interoperator file that was distributed by EPN to its participants during the November 2 processing window.
The Fed said the entries contained valid syntax, but obscured account information and recipient information, leaving receiving depository financial institutions (RDFIs) unable to process them.
The EPN instructed its participants to initiate returns, and originating depository financial institutions (ODFIs) were then asked to initiate new items to complete the payments.
Majority Of Merchants Want To Cap Number Of PSPs They Use, Survey Finds
A new survey from UK payments firm GoCardless has found that two in three merchants wish to “consolidate” the number of payment service providers (PSPs) they use.
In a survey of 1,250 merchants in the US, UK, France, Germany and the Netherlands, GoCardless found that half of merchants currently use three PSPs or more. Almost one in ten use at least five PSPs.
Due to challenging macroeconomic conditions, a third of merchants said they will end a relationship with a PSP over the next 12 months.
On average, reducing costs was cited as the most important motivation for merchants over the next 12 months.
This is despite the fact that nine in ten merchants reported being “satisfied” with their current PSPs.
Russian Payment System Hacked By Pro-Ukraine Group
Pro-Ukrainian activists claim to have breached Russia's national card payment system, obtaining its user data.
This included hacking the website of the National Payment Card System (NSPK) and reportedly gaining access to the internal systems of the retail payment network Mir, Russia’s domestic alternative to Visa and Mastercard.
NSPK has confirmed this to the Russian media, although the agency denies that any personal data was leaked.
"The NSPK website is developed and maintained by a third-party contractor,” it said.
“It is only a business card with information about the company’s activities and does not contain any confidential data, and is also not related to the payment infrastructure.”
