In Egypt, the transition to summer time, set for Thursday, is an annual event that impacts various sectors, including online banking. Egyptian banks are proactive in informing their customers about the upcoming changes in online banking and money transfers.
Evidently, Commercial International Bank Egypt (CIB) has notified its customers that daylight saving time will be activated from Friday, April 26. To accommodate this change, the bank will be updating its systems. Consequently, all banking services will be unavailable on Friday, April 26 from 1 a.m. to 4 a.m.
It is crucial for customers to ensure that their devices reflect the accurate time before proceeding with online banking transactions, especially those involving a one-time passcode (OTP).
On social media, users have raised concerns about the potential impact of the time change on online banking transactions and money transfers. Some have advised against conducting financial transfers, particularly from 11 p.m. to 2 a.m. on Fridays, due to the shift to daylight saving time.
Technology experts have echoed these concerns, recommending refraining from transactions during this period unless absolutely necessary. The risks of heightened malfunctions in financial transfer systems during the time change period are significant.
Each banking system has its nuances and mechanisms, and even a one-second delay can lead to major issues in the money transfer process. Experts particularly warn of the risks of malfunctions between midnight and 1 a.m., a critical time frame where errors can be exacerbated.
To mitigate the risks of system malfunction, it is advisable to avoid any financial transactions during this time. Potential errors stemming from system adjustment, server installation issues, and human errors during testing can substantially impact online banking operations.
In conclusion, during Egypt’s transition to summer time, caution is paramount for users of online banking services. Adhering to the advice of banks and technology experts is essential to minimize risks of malfunctions and safeguard the security of financial transactions during this sensitive period.