RBA banking glitch delays hundreds of property settlements

An outage within the Reserve Bank of Australia's (RBA) payment system early this week meant 500 property settlements couldn't be completed on time.

The issue began at 10.30am on Tuesday, resulting in some file-based payments failing to be processed

Whilst this problem was rectified by late afternoon, another issue occurred, which delayed some PEXA property settlements.

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PEXA is an online property exchange network.

This meant 500 property transactions could not be completed by the end of the settlement day.

The RBA was forced to extend the end of the settlement day to 10.45pm to compensate for the delays and issues.

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In a statement released today, the RBA said services had been restored and transactions could once again be made.

It insisted any further issues were not due to its systems.

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"The RBA apologises for the disruption caused and recognises the impact this would have had on financial institutions and their customers," the statement said.

"As there have been no further system issues at the RBA since late Tuesday evening, customers experiencing difficulties with transactions or payment delays should contact their own financial institution to discuss the matter."

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