The Reserve Bank has admitted a technical error caused a temporary industry-wide bank payment transfer outage that left customers in the lurch.
The central bank said the system that allows customers to transfer money rapidly between banks, known as Osko, experienced an "internal engineering issue" on Wednesday night.
"The RBA experienced an internal system engineering issue yesterday evening," the bank posted to Twitter.
"The issue has now been contained. Impacted external services are now operational however there has been some delay to overnight processing of payments."
Big banks including ANZ, Commonwealth and Westpac copped the fund transfer outage.
Westpac said it was aware of an issue identified by payment platform operators that was impacting all Australian financial institutions.
"Please know that this has since been resolved," the bank said on Wednesday night.
ANZ released a similar statement saying it was "experiencing an industry-wide outage" preventing the processing of payments.
Commonwealth was also rocked by the issue impacting OSKO payments.
"Please don't retry your transaction," the bank advised.
The OSKO payment system was introduced to allow near-immediate online bank transfers around the clock.
It allows users to plug in phone numbers and emails to send money rather than bank details.
