… freezing $3trillion in daily transactions including paychecks, tax refunds and bill payments:
The Federal Reserve payment systems used to settle transactions between U.S. financial institutions has suffered a massive disruption due to an ‘operational error’.
The system used by U.S. banks to execute some $3 trillion in transactions daily began suffering outages at around 11.15am Eastern time on Wednesday, and remained down for more than three hours.
‘A Federal Reserve operational error resulted in disruption of service in several business lines,’ a Fed spokesman told DailyMail.com in a statement. ‘We have restored services and communicated with all Federal Reserve Financial Services customers about the status of operations.’
Most of the key systems, including the backbone settlement services Fedwire and FedACH, were back online by 3pm, but the Fed acknowledged that payment deadlines were ‘impacted’ during the outage.
The system used by U.S. banks to execute some $3 trillion in transactions per day suffered a massive disruption on Wednesday, with backbone services down for more than three hours
Federal Reserve Chairman Jerome Powell is seen above. Among the affected services was Fedwire, the system that handles $3.3 trillion in transactions per day.