The failure of RTGS meant the Clearing House Automated Payment System (CHAPS) was down for more than nine hours.
Last year, CHAPS processed payments worth £277bn a day amongst different banks.
The technical glitch has led to the delay of thousands of payments.
BoE said in a statement: "The review will cover the causes of the incident, the effectiveness of the Bank’s response and the lessons learned for future contingency plans."
The technical fault, which began at 6am on Monday, was fixed by mid afternoon.
CHAPS said in a statement: "We are pleased to report that the problem was resolved mid-afternoon and, following an extension to the CHAPS processing day, just under 143,000 payments were settled – in line with the normal average day’s volumes.
"To help customers and to ensure payments can be processed today CHAPS is extending its operating times until 19.40 hrs. Customers are advised to contact their own bank for any queries they may have on their specific payments."
Image: The Bank of England headquarters in Threadneedle Street, London. Photo: courtesy of Adrian Pingstone.
