In Japan, the systems of 11 banks collapsed

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In Japan, the transfer system of 11 banks was affected due to a failure in the “Rich” network, through which national financial institutions transfer funds and securities.

According to the official Kyodo agency, there was a malfunction in the payment and clearing network through which the Japanese Banking Association (Zenginkyo) transfers funds and securities.

After the systemic failure, the cause of which has not yet been determined, funds and securities transfers of 11 banks across the country, including national banks such as MUFG, stopped. It was reported that the government-affiliated Financial Services Agency is conducting the necessary work to resolve the source of the malfunction.

Most banks in Japan are connected to the interbank “Rich” system network, which handles an average of 6.5 million transactions per day with a volume of over 12 trillion yen ($81 billion).

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