Tom Sims

1 month ago | businesslive.co.za | Tom Sims |Francesco Canepa |John O’Donnell

Frankfurt — Banks struggled to process payments on Friday after an unprecedented daylong breakdown in the European Central Bank’s (ECB’s) machine underpinning trillions of euros of money movements. The ECB said late on Thursday it had fixed the roughly seven-hour outage in its payment system, which had left transactions likely worth trillions of euros from firms, consumers and investors up in the air.