Apple Inc. on July 4 experienced a widespread outage that affected its iCloud services and some retail store operations in North America for about three hours.
The incident underscored the vulnerability of digital payment platforms to technical troubles. Visa and Mastercard have each experienced serious outages within the last couple of years.
Jennifer Bailey, vice president of online store at Apple Inc., smiles after speaking during the Apple World Wide Developers Conference (WWDC) in San Francisco, California, U.S., on Monday, June 8, 2015. Apple Inc. kicked off its annual developers conference in San Francisco, where the company will unveil a revamped streaming-music service, improvements to its mobile software and tools to speed up smartwatch applications. Photographer: David Paul Morris/Bloomberg *** Local Caption *** Jennifer Bailey
David Paul Morris/Bloomberg
On Thursday, many customers were unable to sign in to their iCloud accounts or access related services, which Apple tracked on its system status page.
Twitter carried accounts of customers who were temporarily unable to check out at some Apple Stores during the midday outage, according to a Macrumors report. Apple did not return a request for comment.
Visa had a multinational processing outage in June 2018, and Mastercard suffered a serious outage in the U.K. about a year ago. Target had back-to-back payment system glitches one weekend last month, crippling its in-store checkout systems nationwide.
The deal brings together a banking core provider and a digital banking software platform to offer an end-to-end tech product for community and regional banks.
In Brazil, QR codes have been powering Pix, the country's instant payment scheme, for years. Two fintechs are hoping that connecting QR codes to instant payment schemes such as FedNow will help drive uptake for instant account-to-account payments.
The expansion-minded Hampton Roads-based lender announced plans to acquire Dogwood State Bank just weeks before its plans to close a deal for a Virginia-based competitor.
Everything from company culture to data security concerns is hamstringing the pace of automation in financial services, per new American Banker research.
Consumer advocates are urging lawmakers to hold hearings on the Consumer Financial Protection Bureau's new open banking rule and whether Congress authorized banks to charge fees for data access.