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Peer2Peer Finance News | August 18, 2019

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Barclays IT failure delays payments on Lendy platform

Barclays IT failure delays payments on Lendy platform
Hannah Smith

A RECENT IT failure at Barclays Bank has caused delays to deposits and withdrawals for Lendy customers, the platform says, as it continue to work through a payments backlog.

Users trying to make and request payments on Lendy at the end of last month were met with a notice informing them that the platform was having technical issues with its banking services. Some Lendy users reported not having received withdrawals they had requested.

Lendy says Barclays accidentally deleted the platform’s auto-processing facility for its payments and withdrawals.

In an announcement on 8 May, Lendy said: “Following the website notification regarding the banking issues we have experienced with Barclays, the bank has informed us that these have now been resolved and we are working through the backlog of payments on the system.

“The background to this as part of reinstating our banking access, Barclays had inadvertently deleted our ability to auto-process both payments and withdrawals which it admitted was due to its own IT issues. It was escalated to the highest level internally within the bank’s IT department and the bank has confirmed this has been sorted.

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“As a result, we were having to process each client payment individually which has taken several days to set up. Now we are back up and running, we hope to have the back log completed shortly.”

Lendy says the platform is fully operational again, although it is still processing a backlog of payments from 3 May onwards, including outstanding interest payments.

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“The platform is operational and our systems are up and running. We have processed all withdrawals up to the 03/05/19 and we continue to work through the backlog,” Lendy said.

“We are currently working on the interest payments, interest has been calculated and confirmed for April and will be paid once we have worked through all transactions. We appreciate your patience.”

Barclays did not respond to a request for comment.

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