CIBC says it has identified the operating software problem that caused a disruption to its banking operations earlier today.

The bank says the problem occurred in the bank’s transaction processing operations, halting its regular nightly batch clearing activities.

CIBC says itis now working to process the delayed transactions as quickly as possible. This activity is likely to continue into the evening.

In the meantime, CIBC branches will continue to be open for business as usual and telephone banking, electronic banking, and automatic banking machines are operational.

However, CIBC says certain functionality, such as account balances, may not be immediately available as the bank works to restore regular activities.

“We are making every effort to resolve this issue as quickly as possible and we will provide further updates as soon as they become available. We apologize for the inconvenience that this situation may cause for our customers,” said Mike Woeller, vice chair and chief information officer, in a statement.