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Home BUSINESSFSA warns Nordea for breaching payment provision
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Sat, 08 Mar, 2014 04:20:58 AM
FTimes-STT Report, March 8

The Financial Supervisory Authority (FIN-FSA) has issued a public warning to Nordea Bank.

According to the supervisory authority, Nordea Bank breached the provisions on payment execution times between 2011 and 2013.

During that time, the bank failed to correct its deficiencies that caused disruptions to the payment systems despite the severity of the disruption.

The delays involved tens of thousands of payments.

Ari Kaperi, Nordea's country senior executive in Finland, said Nordea has corrected the errors and improvement in the systems will be implemented together with the Financial Supervisory

Authority in an agreed timetable.

The FIN-FSA pointed out that only individual payment delays in payment transmission has been identified in other banks. It also noted that these late payments have been corrected and were

not repetitive.

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