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Is the PRA dream of ripping and replacing banking IT feasible?

25/04/2014 by


The head of UK financial services regulator the Prudential Regulation Authority (PRA) says it would be bold for banks to strip down and rebuild IT, but is this just a pipe dream?

PRA CEO Andrew Bailey spoke recently of the Utopian ideal of banks stripping down legacy IT infrastructures and rebuilding them, so they are fit for purpose.

Following numerous high-profile IT failures at banks, the regulators have launched investigations. The findings of these probes,including one into RBS’s major IT crash in 2012, are yet to be fully published.

The glitch in the RBS CA7 batch process scheduler ended with 12 million customer accounts being frozen. Customers could not access their funds for a week or more as RBS, Nat West and the Ulster Bank updated account balances manually.

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