Restoration work for Japan's payment clearing network was completed Thursday morning, two days after a system failure disrupted fund transfers at 11 banks, its operator said.

Among the 11 banks, MUFG Bank said the same day that its transaction service had returned to normal.

Over 5 million transactions were affected, with transfers via automated teller machines, online banking and bank counters all delayed.

The system failure of Japanese Banks' Payment Clearing Network has affected child allowance payments in some municipalities and delayed insurance payouts by some firms.

According to the Japanese Bankers Association, it is the first time customers have been impacted by a system problem since the network was launched in 1973.

The issue was detected on Tuesday morning following a system update carried out during the three-day weekend. A glitch in a computer system that relays transaction data between financial institutions and the clearing network caused the disruption, the operator said.

Most Japanese banks are connected to the key payment network, known as the Zengin system, which processes an average 6.5 million transactions and over ¥12 trillion ($81 billion) a day.