Banks around the world will test the year 2000 compliancy of their payment clearing systems this weekend.
The test will include over 300 banks in 19 countries who will turn their clocks forward to either 3/4 January to see if the payment clearing systems responsible for transferring billions of pounds of money from corporates will run without a hitch after the millennium.
"There is a whole chain of transactions required to move large sums of money from one country to another," explained a spokesperson for the Association for Payment Clearing Systems (APACS), which is coordinating the efforts of UK banks and building societies.
All the participating banks have confirmed they are Y2K compliant, but as around 35 different payment systems are used by banks around the world, the test is designed to detect that nothing has been overlooked, the spokesperson added.
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