What's Happening To Inter Bank Transactions?. - Business

What's Happening To Inter Bank Transactions?. - Business - Nairaland

Nairaland Forum › Nairaland General › Business › What's Happening To Inter Bank Transactions?. (10794 Views)

What's Happening To Inter Bank Transactions?. by sholikay(op): 7:52pm On May 13

I don't know if anyone else is experiencing this issue of delays from sending money from one bank to another...
Someone sent me some money yesterday into one of my fintech bank,and it took almost 3 hours before It reflected in my account balance. Today,I gave out my traditional bank account number for a payment from one of my clients,and it's been more than 5 hours,the money is yet to reflect in my account,while the sender has been debited...

I don't know if it's a general issue!..

6 Likes 1 Share

Re: What's Happening To Inter Bank Transactions?. by SamuelLoch: 9:07pm On May 13

sholikay:
I don't know if anyone else is experiencing this issue of delays from sending money from one bank to another...
Someone sent me some money yesterday into one of my fintech bank,and it took almost 3 hours before It reflected in my account balance. Today,I gave out my traditional bank account number for a payment from one of my clients,and it's been more than 5 hours,the money is yet to reflect in my account,while the sender has been debited...

I don't know if it's a general issue!..
Cc mynd44

NIBSS is having a downtime with a crucial service called TSQ Transaction Status Query. The service is responsible for telling banks and other financial institutions that a transaction was successful, declined, rejected, failed, etc. Which then helps the bank to process the transaction and settle you the customer in real-time if the transaction was successful.

To save banks from loses, and to reduce the chaos, banks have stepped up to use other means to confirm the status of transactions, then, proceed to settle you the customers. This other service takes a few hours. Hence, the delay in your transaction. A good intervention from forward-thinking banks and financial institution. Kudos to them!

So, if a transaction was successful, you'd be credited but not instantly.

75 Likes 1 Share

Re: What's Happening To Inter Bank Transactions?. by Dogalmighty17: 1:12pm On May 14

SamuelLoch:
NIBSS is having a downtime with a crucial service called TSQ Transaction Status Query. The service is responsible for telling banks and other financial institutions that a transaction was successful, declined, rejected, failed, etc. Which then helps the bank to process the transaction and settle you the customer in real-time if the transaction was successful.

To save banks from loses, and to reduce the chaos, banks have stepped up to use other means to confirm the status of transactions, then, proceed to settle you the customers. This other service takes a few hours. Hence, the delay in your transaction. A good intervention from forward-thinking banks and financial institution. Kudos to them!

So, if a transaction was successful, you'd be credited but not instantly.

Explain this thing wey you talk now in a way a palm wine tapper fit understand. No be all of us go school abeg.

40 Likes 2 Shares

Re: What's Happening To Inter Bank Transactions?. by Franklyspeakin: 1:13pm On May 14

Avoid traditional banks for now stick with money point, opay palm pay and the rest

11 Likes 2 Shares

Re: What's Happening To Inter Bank Transactions?. by Macfoe: 1:13pm On May 14

Those days... Nice explanation, though.

NIBSS is having a downtime with a crucial service called TSQ Transaction Status Query. The service is responsible for telling banks and other financial institutions that a transaction was successful, declined, rejected, failed, etc. Which then helps the bank to process the transaction and settle you the customer in real-time if the transaction was successful.

To save banks from loses, and to reduce the chaos, banks have stepped up to use other means to confirm the status of transactions, then, proceed to settle you the customers. This other service takes a few hours. Hence, the delay in your transaction. A good intervention from forward-thinking banks and financial institution. Kudos to them!

So, if a transaction was successful, you'd be credited but not instantly.[/quote]

2 Likes

Re: What's Happening To Inter Bank Transactions?. by inoki247: 1:16pm On May 14

I think the Fintech are not using NiBss cos transaction is going...

66 Likes

Re: What's Happening To Inter Bank Transactions?. by 4reala(m): 1:16pm On May 14

Do you work in the banking sector, because this your explanation makes sense.

SamuelLoch:
NIBSS is having a downtime with a crucial service called TSQ Transaction Status Query. The service is responsible for telling banks and other financial institutions that a transaction was successful, declined, rejected, failed, etc. Which then helps the bank to process the transaction and settle you the customer in real-time if the transaction was successful.

To save banks from loses, and to reduce the chaos, banks have stepped up to use other means to confirm the status of transactions, then, proceed to settle you the customers. This other service takes a few hours. Hence, the delay in your transaction. A good intervention from forward-thinking banks and financial institution. Kudos to them!

So, if a transaction was successful, you'd be credited but not instantly.

7 Likes

Re: What's Happening To Inter Bank Transactions?. by jdstunt(m): 1:18pm On May 14

SamuelLoch:
NIBSS is having a downtime with a crucial service called TSQ Transaction Status Query. The service is responsible for telling banks and other financial institutions that a transaction was successful, declined, rejected, failed, etc. Which then helps the bank to process the transaction and settle you the customer in real-time if the transaction was successful.

To save banks from loses, and to reduce the chaos, banks have stepped up to use other means to confirm the status of transactions, then, proceed to settle you the customers. This other service takes a few hours. Hence, the delay in your transaction. A good intervention from forward-thinking banks and financial institution. Kudos to them!

So, if a transaction was successful, you'd be credited but not instantly.

Nice one 👍

Please take a moment to write a quality post with at least 20 characters

Re: What's Happening To Inter Bank Transactions?. by Dreal1247: 1:19pm On May 14

My own question that the federal government must answer is the reason why any deduction should be made from my bank account when I transfer money to another of my personal bank. The masses need to reject unnecessarily deductions from individual bank accounts.

10 Likes 2 Shares

Re: What's Happening To Inter Bank Transactions?. by Precious201010(m): 1:20pm On May 14

Especially Access Bank and GT Bank.. bought fuel few days ago and transferred 30k to them, it was successful, they debited me, but they were not credited..

And almost 10 people there experienced the same issue, the manager had to suspend any for of transfer, and they refused selling fuel to us, that the money may later be reversed back to us..

I had to source money somewhere to buy fuel because I was going to the airport, the following day I went back to the filling station, they said they got the alert later in the night, so they refunded me..

10 Likes 2 Shares

Re: What's Happening To Inter Bank Transactions?. by DeltaBachelor(m): 1:21pm On May 14

Okay. Thanks for the update. I hope it is sorted ASAP

1 Like

Re: What's Happening To Inter Bank Transactions?. by 01binary: 1:21pm On May 14

With Samuel Loch explanation.who I b to talk again

3 Likes 3 Shares

Re: What's Happening To Inter Bank Transactions?. by givedemwotowoto: 1:21pm On May 14

Dogalmighty17:
Explain this thing wey you talk now in a way a palm wine tapper fit understand. No be all of us go school abeg.

What they were trying to explain is that the banks were having losses with the previous instant system so they switched to another more stable service that takes hours, not instant.

The only issue here being that CBN or every bank should communicate this to their customers, but as usual in Nigeria, communication is not taken very seriously.

6 Likes

Re: What's Happening To Inter Bank Transactions?. by akpumping7720(m): 1:23pm On May 14

Waoooooh. I thought I was the only one that noticed this oooooh. They nearly give person hypertension.

Re: What's Happening To Inter Bank Transactions?. by Macnnoli4(m): 1:24pm On May 14

Yeah, a transaction from Zenith to UBA took a day before it reflected on the UBA bank app yesterday. LOL, I even ask AI to check the authenticity of the receipt before I googled and discovered it was a NIBSS problem. Few hours after that google search, the usual transaction is successful came through.

1 Like

Re: What's Happening To Inter Bank Transactions?. by Cum4me(m): 1:25pm On May 14

Tinubu has finished this country. Nothing is working under this incompetent monster. All he knows is to borrow money to oppress the masses for second tenure. Tinubu is a complete criminal

7 Likes 2 Shares

Re: What's Happening To Inter Bank Transactions?. by BlocksNG(m): 1:25pm On May 14

we need layman explanation please

SamuelLoch:
NIBSS is having a downtime with a crucial service called TSQ Transaction Status Query. The service is responsible for telling banks and other financial institutions that a transaction was successful, declined, rejected, failed, etc. Which then helps the bank to process the transaction and settle you the customer in real-time if the transaction was successful.

To save banks from loses, and to reduce the chaos, banks have stepped up to use other means to confirm the status of transactions, then, proceed to settle you the customers. This other service takes a few hours. Hence, the delay in your transaction. A good intervention from forward-thinking banks and financial institution. Kudos to them!

So, if a transaction was successful, you'd be credited but not instantly.

Re: What's Happening To Inter Bank Transactions?. by fineboynl(m): 1:27pm On May 14

Still remember those days when bank transfer takes days sometimes even weeks

Technology have improved. With instant payment

2 Likes

Re: What's Happening To Inter Bank Transactions?. by TheStoriesOfMan: 1:33pm On May 14

God bless Fintech banks
God bless Opay
God bless Opay
God bless Opay
God bless Moniepoint
God bless Kuda
God bless Palm pay
God bless Momo
God bless Smartcash
God bless Chippercash
God bless the ones too numerous to mention.

9 Likes

Re: What's Happening To Inter Bank Transactions?. by keemsleek(m): 1:40pm On May 14

Precious201010:
Especially Access Bank and GT Bank.. bought fuel few days ago and transferred 30k to them, it was successful, they debited me, but they were not credited..

And almost 10 people there experienced the same issue, the manager had to suspend any for of transfer, and they refused selling fuel to us, that the money may later be reversed back to us..

I had to source money somewhere to buy fuel because I was going to the airport, the following day I went back to the filling station, they said they got the alert later in the night, so they refunded me..

Sterling bank is the worst. I transferred oey from opay into my sterling account, I saw in coming transaction this morning sterling said money has been delivered I just use one eyes look them. I didn't waste time copied them transaction receipt from opay. 6 digit I was following the bumper to bumper be4 dey send me back to benin by force

Re: What's Happening To Inter Bank Transactions?. by Pootle: 1:42pm On May 14

TheStoriesOfMan:
God bless Fintech banks
God bless Opay
God bless Opay
God bless Opay
~~God bless Moniepoint~~ God bless bold MFB
God bless Kuda
God bless Palm pay
God bless Momo
God bless Smartcash
God bless Chippercash
God bless the ones too numerous to mention.

remove that moniepoint their CEO na werey put

3 Likes

Re: What's Happening To Inter Bank Transactions?. by kpankpangolo: 1:43pm On May 14

This situation will happen even ten years down the line. Commercial banks are like Nairaland — averse to improvement of any sort. When such happens, I grit my teeth and bear. At least staying indoors keeps money in my wallet. I would patronize fintechs, but I have too many accounts at my disposal.

3 Likes

Re: What's Happening To Inter Bank Transactions?. by Precious201010(m): 1:44pm On May 14

keemsleek:
Sterling bank is the worst. I transferred oey from opay into my sterling account, I saw in coming transaction this morning sterling said money has been delivered I just use one eyes look them. I didn't waste time copied them transaction receipt from opay. 6 digit I was following the bumper to bumper be4 dey send me back to benin by force

my brother the thing get as e be nowadays... What if there was an emergency..

Re: What's Happening To Inter Bank Transactions?. by CyracksMrBlogger(m): 1:45pm On May 14

fineboynl:
Still remember those days when bank transfer takes days sometimes even weeks

Technology have improved. With instant payment

now the traditional banks want to go back to the old days because according to them, they are rather losing money with instant transfer via NIBSS's TSQ system. Hmmm 🤔

Re: What's Happening To Inter Bank Transactions?. by keemsleek(m): 1:50pm On May 14

Precious201010:
my brother the thing get as e be nowadays... What if there was an emergency..

Since yesterday around 8pm we settled it around 11am. Until I snap opay reciept before we settled it. Abeg I still keep my opay by my side. I do keep lil change inside opay. I was saying what if I had gone somewhere and wanted to pay, they would have shouted thief. It's really bad.

1 Like

Re: What's Happening To Inter Bank Transactions?. by MrJames007: 1:52pm On May 14

Dogalmighty17:
Explain this thing wey you talk now in a way a palm wine tapper fit understand. No be all of us go school abeg.

haha

The explanation is clear.

1 Like

Re: What's Happening To Inter Bank Transactions?. by MrJames007: 1:53pm On May 14

SamuelLoch:
NIBSS is having a downtime with a crucial service called TSQ Transaction Status Query. The service is responsible for telling banks and other financial institutions that a transaction was successful, declined, rejected, failed, etc. Which then helps the bank to process the transaction and settle you the customer in real-time if the transaction was successful.

To save banks from loses, and to reduce the chaos, banks have stepped up to use other means to confirm the status of transactions, then, proceed to settle you the customers. This other service takes a few hours. Hence, the delay in your transaction. A good intervention from forward-thinking banks and financial institution. Kudos to them!

So, if a transaction was successful, you'd be credited but not instantly.

Thank you o. I no been know this one.

Re: What's Happening To Inter Bank Transactions?. by saintkel(m): 1:58pm On May 14

Union bank own seem to be d worse ...just expect ur money in 2 weeks

Re: What's Happening To Inter Bank Transactions?. by MasterTeeUSA: 1:59pm On May 14

Palmwine Tapper dey on Nairaland. How Palmwine Tapper take use internet for phone lol

Dogalmighty17:
Explain this thing wey you talk now in a way a palm wine tapper fit understand. No be all of us go school abeg.

Re: What's Happening To Inter Bank Transactions?. by Precious201010(m): 2:00pm On May 14

keemsleek:
Since yesterday around 8pm we settled it around 11am. Until I snap opay reciept before we settled it. Abeg I still keep my opay by my side. I do keep lil change inside opay. I was saying what if I had gone somewhere and wanted to pay, they would have shouted thief. It's really bad.

The best option now is to have many apps, for small transactions, Smart cash is the best

1 Like

Re: What's Happening To Inter Bank Transactions?. by sp2002(m): 2:03pm On May 14

NIBSS had an issue but it seems it has been resolved because the transfer I made 2 days ago finally delivered yesterday

1 2 Reply

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