Deutsche Bank has been forced to admit to regulators its role in the UK payment system still suffers serious problems, years after it was first placed in remediation, which has led to tens of thousands of transactions for clients such as Amazon being held up. Deutsche executives met Bank of England officials two weeks ago to explain the latest failings. They came to light after internal auditors reviewed the lender’s annual submission to supervisors detailing how well it is complying with the standards expected, according to people with knowledge of the matter. The BoE demanded an explanation as to why the bank’s systems were disrupted on 10 per cent of business days in October, putting Deutsche among the least-reliable participants in CHAPS, the clearing house automated payment system, despite being in remediation over the matter for at least three years.
www.ft.com/content/99f27434-0241-11ea-b7bc-f3fa4e77dd47