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November 30, 2023
Finance Technologies

ECB blames Target2 outage on third-party vendor

Target2, the system used by central and commercial banks to process large-value euro payments, went down on 23 October. The failure lasted for several hours, affecting all its payment transactions. It even reached Target2’s backup and contingency systems. Payments were out of action for around eight hours on Friday from 14:40 CET. It came back online at 22:30 CET, after the failover completed and settlement services were restarted. The ECB has not commented on the why its failover and contingency systems did not prevent the outage Passing the buck The European Central Bank (ECB) has revealed the outage was down…
ECB blames Target2 outage on third-party vendor

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