Daily Mail: Entire Federal Reserve payment system CRASHES due to 'operational error' freezing $3trillion in daily transactions including paychecks, tax refunds and bill payments
* All Federal Reserve settlement services suffered disruptions on Wednesday * The key banking systems were offline for more than three hours * Fed says that the massive outage was caused by an 'operational error' * Systems affected form the backbone of US banking and financial sector * Fedwire is used by banks to transfer an average of $3.3 trillion every day * FedACH handles smaller transactions such as paychecks and tax refunds
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.
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WNU Editor: Imagine what would happen if this outage was not repaired.
More News On The Entire US Federal Reserve Payment System Crashes For Three Hours
The Fed’s system that allows banks to send money back and forth went down for several hours — CNBC Fed suffers 3-hour outage on bank-to-bank transfer services — Yahoo News Federal Reserve payment system crashed, service restored hours later — FOX News The Federal Reserve suffers widespread disruption to payment services — CNNFed glitch shuts down wire transfers, direct deposits, other services — Ars TechnicaOriginal Article
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