Sumitomo Mitsui Trust Bank hit by ATM glitch on first day of business

Kyodo

In what has become a familiar occurrence in Japanese banking, newly launched Sumitomo Mitsui Trust Bank Ltd. was hit by computer malfunctions Monday that hampered some of its ATMs on its first business day since it was formed by a massive three-way bank merger over the weekend.

The problems marred the gigantic consolidation Sunday of three lenders under the wing of Sumitomo Mitsui Trust Holdings Inc., creating the nation’s largest trust bank.

SMTB, which offers regular commercial banking services in addition to its main fiduciary business, said the ATM glitch was resolved at around 2:30 p.m. after it blocked about 10 transfer payments made by cash card in the morning.

The glitch affected transactions linked to cash cards issued by the former Chuo Mitsui Trust and Banking Co. starting at around 9 a.m., it said.

SMTB blamed the problem on an error in updating ATM programs related to the cash cards’ functions but said it was not linked to the merger. The three banks are currently using their own systems for managing bank accounts, prior to their scheduled unification by around 2014.

The country’s biggest trust bank was launched by the merger of Sumitomo Trust & Banking Co., Chuo Mitsui Trust and Banking Co., and Chuo Mitsui Asset Trust and Banking Co. on Sunday.