Bank CEO apologises to customers following transaction failures

9th Aug 2017

The CEO of London-based startup bank Monzo has apologised to customers for card transaction failures.

Tom Blomfield, co-founder of the company, emailed customers to apologise after the company’s payment partner, Global Payment Systems, experienced problems. This resulted in some payments on Monzo’s pre-paid cards failing to complete.

In his email he advised them to carry a back-up card and said:  "Our card processor has been experiencing technical issues that they haven't yet been able to solve and so on several occasions, payments have failed.

“These incidents have lasted anywhere from a couple of minutes to over an hour (on Tuesday morning).

"These outages are unacceptable. I want to personally recognise that and apologise on behalf of the whole company."

However, he did offer some insight into plans to tackle problems on a longer-term basis; the bank will be bringing these processes in house.

"Our in-house MasterCard card processor is now live and current account debit cards have been working well for the last couple of months, unaffected by these issues."

While several banks have experienced technical difficulties, the banking sector as a whole is currently at a nine-year high for customer satisfaction according to research from The Institute of Customer Service.

In the latest Customer Satisfaction Index (CSI), the industry received a score of 78.7, 0.5 points higher than the UK average.

The sector’s CSI is 1.1 points higher than last year. Customer satisfaction for experiences related to current accounts is slightly higher (80.0) than the sector average, while that associated with mortgages is lower (76.4).

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