OCBC’s Banking Services Restored After ‘Technical Issues’

OCBC’s Banking Services Restored After ‘Technical Issues’

by August 29, 2023

OCBC Bank has restored all of its banking services after a technical issue caused an outage on Monday morning.

The bank said in a Facebook post at 9.43am that the outage affected its mobile and online banking, PayNow, ATMs, Velocity – the bank’s digital business banking platform – and cards. Customers were advised to visit OCBC branches for urgent transactions.

The bank said it was “on standby to deploy additional resources at branches and extend branch banking hours to support our customers”.

In an update at 10:33am, OCBC said that card and branch services had been restored. ATM services were restored at 10:37am, and all banking services were restored at 12:24pm.

The bank said it was “investigating the cause of the technical problem” and would provide an update as soon as possible. It also assured customers that their money remained safe and customer data was secure throughout the outage.

Just four months ago, DBS Bank had experienced two consecutive disruptions of its services in March and May this year. This resulted in the Monetary Authority of Singapore slapping an additional capital requirement of S$1.6 billion on the bank.

The regulator had previously threatened to take supervisory action if banks exceed 4 hours in downtime.