diff --git a/Cargo.lock b/Cargo.lock
index 5aaf6b6723..b4819f9f37 100644
--- a/Cargo.lock
+++ b/Cargo.lock
@@ -6992,9 +6992,9 @@ dependencies = [
 
 [[package]]
 name = "time"
-version = "0.3.34"
+version = "0.3.35"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "c8248b6521bb14bc45b4067159b9b6ad792e2d6d754d6c41fb50e29fefe38749"
+checksum = "ef89ece63debf11bc32d1ed8d078ac870cbeb44da02afb02a9ff135ae7ca0582"
 dependencies = [
  "deranged",
  "itoa",
@@ -7015,9 +7015,9 @@ checksum = "ef927ca75afb808a4d64dd374f00a2adf8d0fcff8e7b184af886c3c87ec4a3f3"
 
 [[package]]
 name = "time-macros"
-version = "0.2.17"
+version = "0.2.18"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "7ba3a3ef41e6672a2f0f001392bb5dcd3ff0a9992d618ca761a11c3121547774"
+checksum = "3f252a68540fde3a3877aeea552b832b40ab9a69e318efd078774a01ddee1ccf"
 dependencies = [
  "num-conv",
  "time-core",
diff --git a/crates/analytics/Cargo.toml b/crates/analytics/Cargo.toml
index 2b1cc798a7..c3e35519dc 100644
--- a/crates/analytics/Cargo.toml
+++ b/crates/analytics/Cargo.toml
@@ -37,5 +37,5 @@ serde_json = "1.0.115"
 sqlx = { version = "0.7.3", features = ["postgres", "runtime-tokio", "runtime-tokio-native-tls", "time", "bigdecimal"] }
 strum = { version = "0.26.2", features = ["derive"] }
 thiserror = "1.0.58"
-time = { version = "0.3.34", features = ["serde", "serde-well-known", "std"] }
+time = { version = "0.3.35", features = ["serde", "serde-well-known", "std"] }
 tokio = { version = "1.37.0", features = ["macros", "rt-multi-thread"] }
diff --git a/crates/api_models/Cargo.toml b/crates/api_models/Cargo.toml
index cdcee9c506..0bd0b01a27 100644
--- a/crates/api_models/Cargo.toml
+++ b/crates/api_models/Cargo.toml
@@ -30,7 +30,7 @@ reqwest = { version = "0.11.27", optional = true }
 serde = { version = "1.0.197", features = ["derive"] }
 serde_json = "1.0.115"
 strum = { version = "0.26", features = ["derive"] }
-time = { version = "0.3.34", features = ["serde", "serde-well-known", "std"] }
+time = { version = "0.3.35", features = ["serde", "serde-well-known", "std"] }
 url = { version = "2.5.0", features = ["serde"] }
 utoipa = { version = "4.2.0", features = ["preserve_order", "preserve_path_order"] }
 frunk = "0.4.2"
diff --git a/crates/cards/Cargo.toml b/crates/cards/Cargo.toml
index ab4152893a..ac8a417fb9 100644
--- a/crates/cards/Cargo.toml
+++ b/crates/cards/Cargo.toml
@@ -14,7 +14,7 @@ error-stack = "0.4.1"
 luhn = "1.0.1"
 serde = { version = "1.0.197", features = ["derive"] }
 thiserror = "1.0.58"
-time = "0.3.34"
+time = "0.3.35"
 
 # First party crates
 common_utils = { version = "0.1.0", path = "../common_utils" }
diff --git a/crates/common_utils/Cargo.toml b/crates/common_utils/Cargo.toml
index 285d423958..6f08649fbd 100644
--- a/crates/common_utils/Cargo.toml
+++ b/crates/common_utils/Cargo.toml
@@ -36,7 +36,7 @@ serde_urlencoded = "0.7.1"
 signal-hook = { version = "0.3.17", optional = true }
 strum = { version = "0.26.2", features = ["derive"] }
 thiserror = "1.0.58"
-time = { version = "0.3.34", features = ["serde", "serde-well-known", "std"] }
+time = { version = "0.3.35", features = ["serde", "serde-well-known", "std"] }
 tokio = { version = "1.37.0", features = ["macros", "rt-multi-thread"], optional = true }
 semver = { version = "1.0.22", features = ["serde"] }
 uuid = { version = "1.8.0", features = ["v7"] }
diff --git a/crates/common_utils/src/custom_serde.rs b/crates/common_utils/src/custom_serde.rs
index e4608c4f37..79e0c5b85e 100644
--- a/crates/common_utils/src/custom_serde.rs
+++ b/crates/common_utils/src/custom_serde.rs
@@ -265,3 +265,22 @@ pub mod iso8601custom {
         })
     }
 }
+
+#[cfg(test)]
+mod tests {
+    use serde::{Deserialize, Serialize};
+    use serde_json::json;
+
+    #[test]
+    fn test_leap_second_parse() {
+        #[derive(Serialize, Deserialize)]
+        struct Try {
+            #[serde(with = "crate::custom_serde::iso8601")]
+            f: time::PrimitiveDateTime,
+        }
+        let leap_second_date_time = json!({"f": "2023-12-31T23:59:60.000Z"});
+        let deser = serde_json::from_value::<Try>(leap_second_date_time);
+
+        assert!(deser.is_ok())
+    }
+}
diff --git a/crates/common_utils/src/lib.rs b/crates/common_utils/src/lib.rs
index b1a708f7a0..7b8b7bb949 100644
--- a/crates/common_utils/src/lib.rs
+++ b/crates/common_utils/src/lib.rs
@@ -23,15 +23,15 @@ pub mod validation;
 
 /// Date-time utilities.
 pub mod date_time {
+    #[cfg(feature = "async_ext")]
+    use std::time::Instant;
     use std::{marker::PhantomData, num::NonZeroU8};
 
     use masking::{Deserialize, Serialize};
-    #[cfg(feature = "async_ext")]
-    use time::Instant;
     use time::{
         format_description::{
             well_known::iso8601::{Config, EncodedConfig, Iso8601, TimePrecision},
-            FormatItem,
+            BorrowedFormatItem,
         },
         OffsetDateTime, PrimitiveDateTime,
     };
@@ -68,7 +68,7 @@ pub mod date_time {
     ) -> (T, f64) {
         let start = Instant::now();
         let result = block().await;
-        (result, start.elapsed().as_seconds_f64() * 1000f64)
+        (result, start.elapsed().as_secs_f64() * 1000f64)
     }
 
     /// Return the given date and time in UTC with the given format Eg: format: YYYYMMDDHHmmss Eg: 20191105081132
@@ -76,7 +76,7 @@ pub mod date_time {
         date: PrimitiveDateTime,
         format: DateFormat,
     ) -> Result<String, time::error::Format> {
-        let format = <&[FormatItem<'_>]>::from(format);
+        let format = <&[BorrowedFormatItem<'_>]>::from(format);
         date.format(&format)
     }
 
@@ -90,7 +90,7 @@ pub mod date_time {
         now().assume_utc().format(&Iso8601::<ISO_CONFIG>)
     }
 
-    impl From<DateFormat> for &[FormatItem<'_>] {
+    impl From<DateFormat> for &[BorrowedFormatItem<'_>] {
         fn from(format: DateFormat) -> Self {
             match format {
                 DateFormat::YYYYMMDDHHmmss => time::macros::format_description!("[year repr:full][month padding:zero repr:numerical][day padding:zero][hour padding:zero repr:24][minute padding:zero][second padding:zero]"),
diff --git a/crates/data_models/Cargo.toml b/crates/data_models/Cargo.toml
index 6da89dc232..54130ca002 100644
--- a/crates/data_models/Cargo.toml
+++ b/crates/data_models/Cargo.toml
@@ -26,4 +26,4 @@ error-stack = "0.4.1"
 serde = { version = "1.0.197", features = ["derive"] }
 serde_json = "1.0.115"
 thiserror = "1.0.58"
-time = { version = "0.3.34", features = ["serde", "serde-well-known", "std"] }
+time = { version = "0.3.35", features = ["serde", "serde-well-known", "std"] }
diff --git a/crates/diesel_models/Cargo.toml b/crates/diesel_models/Cargo.toml
index 85533d0cf3..577233cdf1 100644
--- a/crates/diesel_models/Cargo.toml
+++ b/crates/diesel_models/Cargo.toml
@@ -21,7 +21,7 @@ serde = { version = "1.0.197", features = ["derive"] }
 serde_json = "1.0.115"
 strum = { version = "0.26.2", features = ["derive"] }
 thiserror = "1.0.58"
-time = { version = "0.3.34", features = ["serde", "serde-well-known", "std"] }
+time = { version = "0.3.35", features = ["serde", "serde-well-known", "std"] }
 
 # First party crates
 common_enums = { version = "0.1.0", path = "../common_enums" }
diff --git a/crates/router/Cargo.toml b/crates/router/Cargo.toml
index 1adecf37c6..8915ab573e 100644
--- a/crates/router/Cargo.toml
+++ b/crates/router/Cargo.toml
@@ -87,7 +87,7 @@ sqlx = { version = "0.7.3", features = ["postgres", "runtime-tokio", "runtime-to
 strum = { version = "0.26", features = ["derive"] }
 tera = "1.19.1"
 thiserror = "1.0.58"
-time = { version = "0.3.34", features = ["serde", "serde-well-known", "std"] }
+time = { version = "0.3.35", features = ["serde", "serde-well-known", "std"] }
 tokio = { version = "1.37.0", features = ["macros", "rt-multi-thread"] }
 unicode-segmentation = "1.11.0"
 url = { version = "2.5.0", features = ["serde"] }
@@ -135,7 +135,7 @@ awc = { version = "3.4.0", features = ["rustls"] }
 derive_deref = "1.1.1"
 rand = "0.8.5"
 serial_test = "3.0.0"
-time = { version = "0.3.34", features = ["macros"] }
+time = { version = "0.3.35", features = ["macros"] }
 tokio = "1.37.0"
 wiremock = "0.6.0"
 
diff --git a/crates/router_env/Cargo.toml b/crates/router_env/Cargo.toml
index 72f0f0b39a..3b95d5f22f 100644
--- a/crates/router_env/Cargo.toml
+++ b/crates/router_env/Cargo.toml
@@ -20,7 +20,7 @@ serde = { version = "1.0.197", features = ["derive"] }
 serde_json = "1.0.115"
 serde_path_to_error = "0.1.16"
 strum = { version = "0.26.2", features = ["derive"] }
-time = { version = "0.3.34", default-features = false, features = ["formatting"] }
+time = { version = "0.3.35", default-features = false, features = ["formatting"] }
 tokio = { version = "1.37.0" }
 tracing = { version = "0.1.40" }
 tracing-actix-web = { version = "0.7.10", features = ["opentelemetry_0_19", "uuid_v7"], optional = true }
diff --git a/crates/scheduler/Cargo.toml b/crates/scheduler/Cargo.toml
index f713b8f2f2..b98f212d67 100644
--- a/crates/scheduler/Cargo.toml
+++ b/crates/scheduler/Cargo.toml
@@ -23,7 +23,7 @@ serde = "1.0.197"
 serde_json = "1.0.115"
 strum = { version = "0.26.2", features = ["derive"] }
 thiserror = "1.0.58"
-time = { version = "0.3.34", features = ["serde", "serde-well-known", "std"] }
+time = { version = "0.3.35", features = ["serde", "serde-well-known", "std"] }
 tokio = { version = "1.37.0", features = ["macros", "rt-multi-thread"] }
 uuid = { version = "1.8.0", features = ["v4"] }
 
diff --git a/crates/test_utils/Cargo.toml b/crates/test_utils/Cargo.toml
index 714e34f0e9..3b0dfe2b91 100644
--- a/crates/test_utils/Cargo.toml
+++ b/crates/test_utils/Cargo.toml
@@ -24,7 +24,7 @@ serde_json = "1.0.115"
 serde_urlencoded = "0.7.1"
 serial_test = "3.0.0"
 thirtyfour = "0.31.0"
-time = { version = "0.3.34", features = ["macros"] }
+time = { version = "0.3.35", features = ["macros"] }
 tokio = "1.37.0"
 toml = "0.8.12"