Bank of England: Visa’s Outage Response Assessment

Friday, May 3rd, 2019

The BoE (Bank of England) has recently required Visa to appoint PwC as an independent 3rd party to review how the card brand is progressing. What about you? Are you using the right payment processing services to move forward successfully? To know more on this topic, just go on reading the article.

Bank of England on Visa’s Outage
The BoE has recently announced is trying to force Visa to appoint accountancy firm PwC to figure out whether Visa has followed the recommendations of the report by EY, another firm, in a due manner. The report is related to the Visa’s European outage in June 2018

As you know, the outage had a negative impact on 1.7 million cards out of 16 million used, resulting in a failure rate of about 9%. The outage put travelers in a difficult situation and resulted in long lines at supermarkets. Consumers and stores were trying to understand how they could make payments without Visa.

Unfortunately, the incident wasn’t the only outage of this kind that occurred in 2018. In today’s reality where technological outages go on paralyzing the financial sector banks can’t sit without stirring a finger. They must start using up-to-date legacy systems.

With all this in mind, it’s of immense importance for merchants to work only with reliable and experienced payment companies. Of course, the Bank of England acts as a settlement agent that enables financial institutions to process payments (from one to another), however, you can turn to a reputable payment comparison company like Best Payment Providers to get what you need.

Best Payment Providers compares the available payment processors in the UK to give you the most honest snapshot of the companies at the time of writing. With Best Payment Providers, you can be sure to enjoy the cheapest rates, exceptional customer services, as well as the latest payment-processing solutions in the industry.

Best Payment Providers gives special attention to the key areas such as terms, complaints, and integration, and reviews contracts, rates, and fees to find the best deal for you. By the way, there’s no need to pay for the consultation and advice provided.

Best Payment Providers scores every major review and complaint site to ensure the experience with a payment provider is consistent with other customers.

What to Expect
Technology crashes at UK banks grew with over double digits last year, thus increasing by 187% in the year to October. These days, large financial institutions are considered perfect targets for payment fraudsters.

Banks, including both the US’ Wells Fargo and National Australia Bank, have already talked about nationwide outages over the last year. As it was mentioned above, in June, Visa Europe’s outage left millions of customers across the continent in a situation where they weren’t able to use their cards.

Now, the UK’s central bank is going to make use of its statutory powers to make Visa fully implement its recommendation of an independent review. The latter had revealed that the company wasn’t prepared for the failure and wasn’t able to provide proper communication to those having been victimized.