business

Mizuho hit by system failure again despite pledge to improve operations

13 Comments

The requested article has expired, and is no longer available. Any related articles, and user comments are shown below.

© KYODO

©2022 GPlusMedia Inc.

13 Comments
Login to comment

IBM.... They are also installing the new systems...

The other banks are still kicking the can down the road.

They will have all these troubles to look forward to.

0 ( +2 / -2 )

Some bowing and some sumimasen... and it's all is forgiven.

next crash in 3, 2, 1...

-3 ( +5 / -8 )

Are Mizuho's systems managed by IBM or Fujitsu?

Perhaps by Mizuho?

1 ( +2 / -1 )

The fax machines will be burning up tonight!

-1 ( +7 / -8 )

Well, if it happens once it's OK but obviously this bank is one big failure.

I wonder who would keep banking with them after some many failures. I would change the company after first, second, third time...

7 ( +8 / -1 )

Customers were unable to make money transfers between banks through Mizuho's internet banking and automated teller machines for about an hour starting around 3:30 p.m. on Thursday. The bank said it had received about 2,700 transaction requests during the period, but could not process them all that day.

Charge Mizuho with an escalating series of late fees for each failure. Would only be fair.

7 ( +8 / -1 )

The bank has been hit by eight system failures from February to September this year, temporarily suspending transactions for about 80 percent of its ATMs in one case.

"Has been hit" is it the right word to use here. It sounds like mizuho was hit by hackers or suffered some cyberattack, it is just gross incompetence of whoever manages the bank^s system.

2 ( +4 / -2 )

HAHAHAHA what a bloody circus! Yes, this is japan! Pledges upon pledges and then some more pledges. Any improvements? NONE! Did those senior idiotic execs not previously agree to return part of their salaries to show remorse for all their damn incompetence? Maybe they should return a whole year's worth of salary and only be paid minimum wage. This is an amazing sh#t show that never ends, and it so perfectly depicts everything wrong with this third world country. Of course the customers won't complain beyond maybe a little tweet of dissatisfaction, so yhey

-4 ( +4 / -8 )

Despite a pledge? We all know what a pledge means in Japan. Anyway I’m going to enjoy my Premium Friday.

-2 ( +3 / -5 )

Mizuho Bank said Friday it has failed to process some 300 money transfer requests following a temporary system failure the previous day that was its NINTH this year.

Nine system failures and what exactly have they done to ensure this issue never happens again? Nothing by the looks of it. They're just going to publicly apologize, bow, make piecrust pledges, and then go back to using the same system because they're just so allergic to change that they'd rather mess around with their customers' money instead of keeping up with the times. Japan, everybody. Give 'em a round of applause.

-4 ( +2 / -6 )

This is the old and new normal for banking systems. It's not usually hackers or malware, either. Most banks use ancient mixtures of tech held together by patched code and prayers, running on obsolete systems, spare parts being procured 2nd hand from wherever. Those that are being updated will fail even more frequently, as they are doing the equivalent of refurbishing a 767 in flight. Get used to it. Keep some cash (well hidden) at home and carry some whenever you go out. Only idiots rely on tech without a 'Plan B'.

Government diktats and CEO pledges won't make any difference at all.

Online services are more fragile than offline ones. Something to mull over in a land of quakes and landslides that is preparing to 'pivot to tech'.

Similar thing happened here with the Nationwide today. https://www.bbc.co.uk/news/business-59839469

On Christmas Day, Santander accidentally made 2000 business payments twice. It is now trying to claw back £130m. https://www.bbc.co.uk/news/business-59826345

1 ( +1 / -0 )

GBR48.....

Most banks use ancient mixtures of tech held together by patched code and prayers, running on obsolete systems, spare parts being procured 2nd hand from wherever.

This is exactly what is happening. That and some of the systems are so old the number of people who can help with them are disappearing rapidly.

I know one of the poor souls trying to sort out the mess. Most of the other big banks have this coming.

0 ( +0 / -0 )

If it happens this often, it makes you wonder if they even have the capital reserve to make these transfers in the first place. Wonder if they prioritize business accounts over retail customers? Surprising the Japanese financial authorities even lets this go on for this long.

0 ( +0 / -0 )

Login to leave a comment

Facebook users

Use your Facebook account to login or register with JapanToday. By doing so, you will also receive an email inviting you to receive our news alerts.

Facebook Connect

Login with your JapanToday account

User registration

Articles, Offers & Useful Resources

A mix of what's trending on our other sites