PayPal acknowledged technical issue

PayPal acknowledged technical issueGlobal internet-based money transfer service, PayPal has acknowledged a technical flaw in its system that has resulted in holding up of some transactions for security checks.

A company spokesman said that the site has been facing "a few issues" since few weeks and this has affected a small portion of its customers. The company has made changed a system to speed up the process of transferring money from the user account to the customer's bank account.

The customers will now be able to transfer money from their PayPal to their bank account within hours instead of three working days earlier. However, the high volume of speedy transactions led to technical issue with the system and several transactions were held for security checks.

"We have had some technical issues which mean more transactions than usual are being reviewed for risk reasons," the company spokesman said in a statement.

He did not announce more details and only said that a minority of the customers were affected due to the issue. The spokesman also said that the core issue has been resolved and the company is now working to clear the reaming problem and will be completed within this week.