Mizuho Financial Group institutions are scrambling to process a backlog of 2.5 million money transfer orders that began piling up Monday due to computer problems at the bank, officials said Saturday.
It is likely to be the end of this week before the bank can clear the backlog and be able to execute transfers without delay, the sources said. Steps to correct remittances mistakenly conducted during the confusion, however, are expected to have been largely completed by Saturday.
Organizations reporting delayed payments include telecommunications companies NTT DoCoMo Inc., NTT East Corp. and NTT West Corp., all part of Nippon Telegraph and Telephone Corp., as well as utilities Tokyo Electric Power Co., Tokyo Gas Co., Kansai Electric Power Co. and Chubu Electric Power Co.
The glitches have left the firms unable to confirm whether money due them has been transferred from customers’ accounts at Mizuho banks.
The computer problems at Mizuho Bank and Mizuho Corporate Bank, both of which are under the wing of Mizuho Holdings Inc., began Monday and have affected both withdrawals and transfers, the group said.
Mizuho Bank and Mizuho Corporate Bank started operations that day following the reorganization of the group’s three former core banks — Dai-Ichi Kangyo Bank, Fuji Bank and the Industrial Bank of Japan — into the two Mizuho banks.
The group was to execute 3 million payments last Wednesday, but a computer glitch disrupted operations and left some of the settlements incomplete, the group said.
That same day, another problem prevented Fuji Bank card holders from using certain services at Mizuho automatic teller machines.
These complications forced delays in financial transactions involving the Mizuho group’s bank accounts through the end of the working week.
The group said Saturday that its ATMs are now operating normally.
The group plans to resume ATM transfers for Mizuho account holders at convenience stores from Sunday.
In view of the confusion, Financial Services Minister Hakuo Yanagisawa said Friday, “We will demand that the bank submit a report (regarding the problems) in line with the Banking Law.”
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