ABK - American Banker

Monzo Outage Highlights Fragility in Modern Banking Infrastructure Monzo, a U.K. bank with a U.S. fintech presence, experienced a two-hour service disruption on Tuesday, affecting thousands of customers. The outage, from 10:31 a.m. to 12:36 p.m. ET, led to degraded performance in mobile app card payments and bank transfers. Despite fixing the core issue, Monzo has not disclosed the root cause. A "back-up bank" system allowed some basic functions, like transferring savings. Customers faced failed subscription payments and difficulty reaching support. Industry experts highlighted the incident as a reminder of the fragility of modern banking infrastructure and the importance of resilience.