Singapore’s authority is working with DBS to find the cause of the disruption of the bank’s digital payment activities.
The Monetary Authority of Singapore (MAS) has followed up with DBS to find the root cause of the delayed transactions with the bank’s fast and secure transfers (Fast) and PayNow services. The incident happened on 26 September 2023, but it resumed later on the same day.
According to its response to «The Business Times», MAS expects banks to have the ability to recover quickly from any system disruption and to address and resolve the impact to customers swiftly and transparently.
Inconsistent Process
Despite fully reopening on the same day, the reconciliation of the pending transactions on Fast and PayNow was only fully processed on 29 September 2023. Transactions were also processed inconsistently, with some completed successfully while others failed.
Earlier in March 2023, DBS experienced disruption which caused difficulties logging in to its digital banking services. The bank also experienced disruption in its digital banking and ATM services in May 2023. MAS then imposed DBS an additional capital requirement with a multiplier of 1.8 times to its risk-weighted assets for operational risk.
