Visa says over 5 million payments affected by June outage

Payment systems giant Visa said Tuesday that a massive technical glitch earlier this month had affected 5.2 million card transactions. (AFP)
Updated 19 June 2018
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Visa says over 5 million payments affected by June outage

LONDON: Payment systems giant Visa said Tuesday that a massive technical glitch earlier this month had affected 5.2 million card transactions, almost half of which were in Britain.
Visa, revealing the details in a letter to a British parliamentary committee that is probing the matter, said the “rare” disruption prevented many cardholders form making payments in Europe for 10 hours on Friday June 1.
And the company apologized “unreservedly” for the failure and outlined plans for a compensation scheme.
“Overall, for cards issued both in the UK and elsewhere ... 51.2 million Visa transactions were initiated and sent to Visa’s European systems for processing,” wrote Visa Europe chief executive Charlotte Hogg.
“Of these, 5.2 million failed to process correctly,” she added in the letter to Treasury Select Committee chair Nicky Morgan.
The outage was caused by a “very rare partial failure” of a switch in one of Visa’s data centers, Hogg added. It has since been fixed.
Visa said there were 27.6 million transactions made in the UK during the disruption, of which 2.4 million failed to process properly.
“At its peak, the disruption affected people in the midst of returning home from work, socializing in restaurants and pubs, and doing end-of-day shopping,” Hogg said in the letter published Tuesday.
“We take seriously our important role in supporting financial stability in the UK.
“A disruption to our processing that impacts consumers at any time is unacceptable, let alone during a busy Friday afternoon,” she added.
“We apologize again unreservedly to everyone who was affected by the incident,” Hogg said.
“Visa, together with our financial institution partners, has quickly implemented a compensation program for cardholders.”


Saudi Arabia, China sign $28 billion worth of economic accords

Updated 22 February 2019
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Saudi Arabia, China sign $28 billion worth of economic accords

  • A total 35 agreements had been signed at a joint investment forum held by Saudi Arabia’s investment agency SAGIA

DUBAI: Saudi Arabia and China signed economic cooperation agreements worth a total of $28 billion at a joint investment forum during a visit by Saudi Crown Prince Mohammed bin Salman to Beijing, Saudi state news agency SPA said on Friday.
It said 35 agreements had been signed at the forum, held by Saudi Arabia’s investment agency SAGIA. It also said four licenses for Chinese companies had been awarded at the forum.

The forum, which coincided with the official visit of Crown Prince Mohammed bin Salman China as part of his Asian tour, aimed at enhancing opportunities for joint cooperation between the two countries in various fields.

Other cooperation agreements signed during the forum included areas of the Kingdom's target sectors such as renewable energy aimed at activating cooperation and consultation frameworks in the field of investment development in wind turbines by manufacturing Electric control devices, wind turbine structures, turbine blades and wind generators with an investment of $ 18 million.

The agreement aims to open up to 800 new job opportunities in one of the most targeted sectors of sustainable development.