IT error Santander overpays 1.3 billion on behalf of payroll

Many Britons may be getting an extra bonus – a double paycheck or bonus – during the Christmas and New Year holidays at the end of 2021, yet it’s not their bosses being generous, it’s because of an IT error at Santander that led to an overpayment of more than 1.1 billion.

According to British media reports, London-based Santander recently accidentally overpaid 75,000 bank accounts by about 130 million pounds, or about 1.1 billion yuan, and the bank, which originally paid the salaries of more than 2,000 company employees, ended up mistakenly overpaying them by one month.

Santander has confirmed the error, saying they have quickly identified the problem of double payments, with different recipients and payment purposes, but that payroll and vendor payments may have been affected.

Whatever the reason for the error, the question now is how they can recover the extra $1.1 billion in wages. Many of the Britons who received the money may have spent it all long ago or are in a poor financial position, and Santander is trying to negotiate with account holders to recover the money.

In different countries, how to return the proceeds of transfer errors are different provisions, some countries do not have to pay legal liability, but Santander in this case, the mistake is the bank itself, to recover the full loss may be difficult.

Santander belongs to the Spanish Santander Group, with 20,000 employees and 14 million active customers in the United Kingdom, the scale is not small, but the IT system in the past 18 months there have been three errors, although before did not lead to serious losses.