Banks survive Y2K system test

Banks survive Y2K system test

Banks around the globe last weekend pretended it was January 2000, taking part in a simulation to see how cross-border payment systems will cope in the year 2000.

The test, initiated by the US settlement company New York Clearing House, tested bank systems from countries including the US, Japan, Germany, Australia, France and Hong Kong, according to the German Bundesbank (Central Bank), which is helping coordinate the test results.

The Global Street Test, as it was called, took place on June 12 and 13. It simulated how certain payment and settlement systems will handle international traffic on the dates January 3, 2000 and Januuary 4, 2000, the first two business days after the turn of the year, the Bundesbank said in a statement. The test is the only international test that banks intend to carry out, the Bundesbank added.

"Year 2000 problems did not appear," said the Bundesbank in its statement.

The bank was expected to give a full report on how German banks fared in the test at a Frankfurt press conference last Friday.

The banks were testing whether their computer systems will be able to correctly interpret date fields from the year 2000.

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