Y2K: Banks face tough test

Financial institutions faced one of their toughest Y2K tests last night when they updated their systems after the first processing day of the New Year.

After a smooth transition to 2000, the year's first update will be "very critical" to the continued success of a Y2K-bug-free year, according to the Commonwealth Bank's (CBA) Y2K project manager, Ken Pritchard.

"The fat lady hasn't sung yet," he said. "Tonight [Tuesday night] will be our first overnight update for the New Year so we'll be watching it very closely."

Pritchard said the CBA plans to keep a watching brief for Y2K-related issues for the rest of the year as other significant dates approach.

These will include the end of the first processing week, month, and quarter, he said.

Pritchard also said the bank would monitor any problems related to the fact that 2000 is also a leap year.

Westpac also "watched everything very closely" overnight and indeed over the next couple of months, according to the bank's Y2K spokesperson, David Lording.

However, Lording said the bank was very confident it would not experience any difficulties.

The ANZ bank also intends to continue to monitor its systems over the following weeks and months.

The bank's Y2K spokesperson, Michelle Giddens, said the bank's local and international branches and offices had passed into the New Year without incident.

Giddens said the bank's focus over the next couple of weeks would be to ensure that the processing of transactions was uneventful.

Meanwhile, other local companies and professional associations have continued to announce an incident-free rollover to 2000.

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More about ANZ Banking GroupCommonwealth Bank of AustraliaCommonwealth Bank of AustraliaFinancial InstitutionsWestpacWestpac

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