The system glitch with the Japanese Banks' Payment Clearing Network, or Zengin System, first occurred on Tuesday morning when a problem in the computer system relaying transaction data between financial institutions and the clearing network was detected.
MUFG Bank, which is among the banks affected, said Thursday that its transaction service had returned to normal following the Zengin System failure that affected over 5 million transactions.
The financial institutions were forced to take alternative steps to transfer money without using the relay system during the malfunction while the network operator had been utilizing backup measures to process transactions and attempted to restore the system on Wednesday without success.
According to Kyodo News, the major disruption marked the first time the Japanese Banks' Payment Clearing Network has experienced a glitch of this type since its inception in 1973.
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