Customers of Barclays Bank have been made aware of outages in the availability of its online services set to hit, due to the split between its wholesale and retail business in light of UK rules.
The forecast given to customers is that the services will be down on one weekend of each month up until December this year.
During these periods of unavailability, customers will be unable to move money to or from their accounts online, or use Pingit app for transfers. The telephone service will also go down.
The issues are to commence imminently, with the first period set for Saturday the 19th of August at 11:30pm, with availability returning at 3:30pm on Sunday the 20th of August.
Barclays are working to comply with UK legislation enforced by the Financial Conduct Authority that states that every large UK bank must separate its retail banking activity from its other business. The process of achieving this requires a colossal shift that will cause these periodic outages.
For a UK bank to be subject to this ring-fencing legislation, it must have a three year average of in excess of £25 billion in deposits. The essential services that applicable banks must split from the rest of their business include overdraft facilities, accepting deposits and other payments, and offering facilities for the withdrawal of money.
Barclays is currently highly engaged in innovating and endorsing critical areas such as cybersecurity, having recently launched a £10 million national digital safety campaign to build awareness through advertising campaigns and other means.
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In addition to this, Barlcays has been proving its tech capabilities by developing an app for the NSPCC, proving that major organisations such as banks have now reached new heights of tech mastery.
The bank has also been experimenting with technologies that are front runners among top tech trends, having brought voice recognition on board to enhance security with biometrics.
