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/ Citibank 500M Flexcube Arstechnica : Http Www Citigoldprivateclient Com Commercialbank Knowledge Centre Pdf Making Payments How Do I Make Foreign Currency Or Cross Border Payments Pdf : They can't undo this because it looks exactly like a legitimate payment to a creditor, and if you could always undo those it opens a real pandora's box.
Citibank 500M Flexcube Arstechnica : Http Www Citigoldprivateclient Com Commercialbank Knowledge Centre Pdf Making Payments How Do I Make Foreign Currency Or Cross Border Payments Pdf : They can't undo this because it looks exactly like a legitimate payment to a creditor, and if you could always undo those it opens a real pandora's box.
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Citibank 500M Flexcube Arstechnica : Http Www Citigoldprivateclient Com Commercialbank Knowledge Centre Pdf Making Payments How Do I Make Foreign Currency Or Cross Border Payments Pdf : They can't undo this because it looks exactly like a legitimate payment to a creditor, and if you could always undo those it opens a real pandora's box.. Bad user interface design just cost citi $500m: On that august 11th, however, a bank employee based in india made a mistake. Citibank was acting as an agent for revlon, which owed hundreds of millions of dollars to various … In august 2020, due to certain technical limitations compounded by a ofss flexcube user interface described by matt levine as terrifying, citibank accidentally wired us$900 million to various creditors of revlon, repaying revlon's loan in full when they had only intended to make an interest payment and restructure the loan. Citibank was trying to make $7.8m in interest payments.
Citibank was to make interest payments to revlon creditors on that date, which totaled $ 7.8 million. — a federal judge has ruled that citibank … Citi had intended to make a small interest payment on revlon's behalf but instead repaid the loan in full. Eventually the updated ui would be about as bad as the original, someone at citibank would get promoted for leading the ui update project, accenture would accept a payment for $8m, and everyone would blame rajcorp for. Even going to court did not help to return the money.
Us Federal Judge Rules That Citibank Isn T Entitled To Be Returned 500m It Accidentally Sent To Creditors Early Via Flexcube Software Program Which Had A Confusing Ui Timothy B Lee Ars Technica from i.ytimg.com Because revlon was in the process of refinancing debt, and because of the confusing ui of financial software flexcube, a subcontractor thought that checking the principal checkbox in the flexcube system and entering the number of a citibank wash account would ensure that the principal payment would stay at citibank. Citi's $900 million misfire happened during software switch by. If citibank wired $500m to me the law says they get to undo that, because they didn't owe me $500m and so that's just a mistake. Citibank was trying to make $7.8m in interest payments. Citibank was its biggest customer. > the actual work of entering this transaction into flexcube fell to a subcontractor in india named arokia raj. A software called flexcube is at the root of the problem. Citibank was to make interest payments to revlon creditors on that date, which totaled $ 7.8 million.
Because revlon was in the process of refinancing debt, and because of the confusing ui of financial software flexcube, a subcontractor thought that checking the principal checkbox in the flexcube system and entering the number of a citibank wash account would ensure that the principal payment would stay at citibank.
The judge blamed human error in his decision, pointing out that:. The blunder was the result of the failure to check the right boxes for the wire transfer. Understand today's investors in metro china, hong kong and singapore. A federal judge has ruled that citibank isn't entitled to the return of $500 million it sent to various creditors last august. Why citi's $500m mistake is really a design debt interest payment. The problem is that the mistake made the institution transfer about $ 900 million to them. Citi's $900 million misfire happened during software switch by. Lee reporting for ars technica: Citibank india offers a wide range of credit cards, banking, wealth management & investment services. Ars technica tracked the issue down to poor user interface design in the oracle platform flexcube. Bad user interface design just cost citi $500m. Kludgey software and a poorly designed user interface contributed to the … A software called flexcube is at the root of the problem.
Us federal judge rules that citibank isn't entitled to be returned $500m it accidentally sent to creditors early via flexcube software, which had a confusing ui (timothy b. In august 2020, due to certain technical limitations compounded by a ofss flexcube user interface described by matt levine as terrifying, citibank accidentally wired us$900 million to various creditors of revlon, repaying revlon's loan in full when they had only intended to make an interest payment and restructure the loan. Citibank made us$593 million from its sale. A federal judge has ruled that citibank isn't entitled to the return of $500 million it sent to various creditors last august. Us federal judge rules that citibank isn't entitled to be returned $500m it accidentally sent to creditors early via flexcube software, which had a confusing ui — citibank was trying to make $7.8m in interest payments.
Wipro Under The Spotlight For Citibank S 900 Million Mess from images.moneycontrol.com Even going to court did not help to return the money. February 18, 2021february 27, 2021 | jorge arango timothy b. Ars technica tracked the issue down to poor user interface design in the oracle platform flexcube. Citi's $900 million misfire happened during software switch by. Bad user interface design just cost citi $500m: Kludgey software and a poorly designed user interface contributed to the … Citibank india offers a wide range of credit cards, banking, wealth management & investment services. Acted as the administrative agent on the loan, meaning it received interest and principal payments from revlon and passed them on to the revlon's creditors.
This was supposed to be a $7.8 million dollar transaction.
A software called flexcube is at the root of the problem. — a federal judge has ruled that citibank … On that august 11th, however, a bank employee based in india made a mistake. This is a design debt interest payment that almost every business is paying day after day, year after year. Even going to court did not help to return the money. Acted as the administrative agent on the loan, meaning it received interest and principal payments from revlon and passed them on to the revlon's creditors. Kludgey software and a poorly designed user interface contributed to the … This was supposed to be a $7.8 million dollar transaction. Citi's $900 million misfire happened during software switch by. The blunder was the result of the failure to check the right boxes for the wire transfer. Ars technica tracked the issue down to poor user interface design in the oracle platform flexcube. On august 11, 2020, citibank was scheduled to send out interest payments totaling $7.8 million to these creditors via a financial software platform called flexcube. Eventually the updated ui would be about as bad as the original, someone at citibank would get promoted for leading the ui update project, accenture would accept a payment for $8m, and everyone would blame rajcorp for.
On august 11, 2020, citibank was scheduled to send out interest payments totaling $7.8 million to these creditors via a financial software platform called flexcube. And some of the lenders — who had sued revlon and citi seeking repayment of the loan. Kludgey software and a poorly designed user interface contributed to the … Citibank was its biggest customer. — a federal judge has ruled that citibank …
Citibank Analyst Says Bitcoin Could Pass 300k By December 2021 Coindesk from static.coindesk.com Citibank india offers a wide range of credit cards, banking, wealth management & investment services. The firm has long used oracle corp.'s flexcube technology for loans. > the actual work of entering this transaction into flexcube fell to a subcontractor in india named arokia raj. Us federal judge rules that citibank isn't entitled to be returned $500m it accidentally sent to creditors early via flexcube software, which had a confusing ui — citibank was trying to make $7.8m in interest payments. Citi's $900 million misfire happened during software switch by. There are two lessons owners of enterprise business systems can learn in the wake of this expensive error: Bad user interface design just cost citi $500m. And some of the lenders — who had sued revlon and citi seeking repayment of the loan.
Us federal judge rules that citibank isn't entitled to be returned $500m it accidentally sent to creditors early via flexcube software, which had a confusing ui — citibank was trying to make $7.8m in interest payments.
Understand today's investors in metro china, hong kong and singapore. Citibank caught the problem too late, and is now responsible for the mistake. A federal judge has ruled that citibank isn't entitled to the return of $500 million it sent to various creditors last august. This is a design debt interest payment that almost every business is paying day after day, year after year. There are two lessons owners of enterprise business systems can learn in the wake of this expensive error: Bad user interface design just cost citi $500m: Citibank, acting as revlon's loan agent, intended to send interest payments totaling about $8 million to the cosmetic company's lenders in august, per the wall street journal. The problem is that the mistake made the institution transfer about $ 900 million to them. Ars technica tracked the issue down to poor user interface design in the oracle platform flexcube. On august 11, 2020, citibank was scheduled to send out interest payments totaling $7.8 million to these creditors via a financial software platform called flexcube. In august 2020, due to certain technical limitations compounded by a ofss flexcube user interface described by matt levine as terrifying, citibank accidentally wired us$900 million to various creditors of revlon, repaying revlon's loan in full when they had only intended to make an interest payment and restructure the loan. Citibank india offers a wide range of credit cards, banking, wealth management & investment services. A federal judge has ruled that citibank isn't entitled to the return of $500 million it sent to various creditors last august.
On flexcube, the easiest (or perhaps only) way to execute the transaction—to pay the angelo gordon lenders citibank. This is a design debt interest payment that almost every business is paying day after day, year after year.
