Of Special Interest

7th October 2011

Tesco confirm core banking system problems

Tesco has confirmed the rumours that its move into retail banking will be delayed because of problems with the Fiserv Signature core banking system. The bank previously experienced problems when transferring customers from the systems of the previous JV it had with Royal Bank of Scotland. The bank has now delayed the launch of mortgage and current accounts three times from an original launch scheduled for Spring of this year to spring of 2012.

Specifically in its recent trading update Tesco said:
"We have taken the decision to slow down the introduction of new products until we have settled in the new bank team, processes and systems, having encountered some technical issues during the summer, which resulted in some customers being unable to access online accounts for a short period."