Entire Federal Reserve Payment System CRASHES With Banks Unable To Send Or Receive Wires
The Federal Reserve payment systems used to settle transactions between U.S. financial institutions have 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 on Wednesday, and remained out more than three hours later.
'Our technical teams have determined that the cause is a Federal Reserve operational error. We will provide updates via service status as more information becomes available,' the Fed said in a service alert at 2.14pm. The backbone settlement service of the U.S. financial system, Fedwire, was among the systems impacted, and the Fed acknowledged that 'payment deadlines are impacted' by the disruption. Source
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