Bank of England has asked Visa Europe to appoint PricewaterhouseCoopers (PwC) to assess progress made after an outage June last year.
PwC will analyse the developments Visa have made in implementing the recommendations given to them to stop further outages.
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More than five million payment transactions throughout Europe failed during 10-hour of technical snag that crippled Visa’s payment processing network on 1 June 2018.
In UK alone, 2.4 million transactions failed to process while 1.7m cards were affected.
Soon after the incident, Visa Europe hired EY to conduct an independent review into the outage. This was agreed by both the Bank of England and the Payment Systems Regulator (PSR).
In its recommendations, EY asked Visa Europe to improve its manual response and recovery capabilities. EY also reviewed crisis management and communication protocols.
The Bank of England in a statement said: “The Bank recognises that Visa Europe has accepted all of the recommendations of the independent review, in full, and is committed to implementing them in a timely manner.
“As a further action, it is also using its powers to require Visa Europe to appoint an independent third party, PricewaterhouseCoopers, to assess Visa Europe’s progress in implementing these recommendations.”
The Bank of England also noted that its action does not imply that Visa Europe has broken any rules or that it was being sanctioned.
After assessing the progress in the implementation of each recommendation, PwC will submit a final report. This will go to the Bank of England later this year.
