Backup system failure caused Japan payments clearing network glitch

A disruption to Japan's payments clearing network last week was caused by a failure in backup measures, its operator said Wednesday, while acknowledging that the issue has "shaken trust" in the entire clearing system.Customers affected by the system failure will be compensated by their financial institutions for any charges incurred due to the service disruption, the Japanese Banks' Payment Clearing Network said.Transfers via automated teller machines, online banking and bank counters were all delayed during a two-day system disruption through Oct. 11, the first to impact bank customers sin…READ FULL ARTICLE