Whew!
In early June, 190
banks in 19 countries participated in a little virtual reality. All
190 banks pretended it was January 3, 2000, the first day of business
to face the millennium bug. While many U.S. banks have already
conducted a variety of simulations, this drill was the first
worldwide exercise. The goals were to be certain the backbone of
international payment systems will function normally and to make sure
that the upgrades and fixes installed at banks do not interfere with
banks' ability to "talk to each other."
The test was
initiated close to home, at the New York Clearing House. The NYCH
reported that settlements were processed without problems. "I think
this will go a long way to show the world that the world payment
system is intact and ready to go for 2000,'' said NYCH senior
vice-president and director of information clearing systems, George
Thomas. Thomas added, "We've had reports from the European Bankers
Association, Australia, CHAPS in Great Britain, TARGET (the European
Central Bank's payment system), France, Germany, Hong Kong, Italy,
Japan, Korea and Poland - and they are all excellent."
So, unless
everyone runs to their ATM this New Year's Eve and withdraws all
their funds, we should be in good shape!
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