Money printer goes BRRRRRRR (foto Giphy)
Jerome Powell Federal Reserve Chairman Printing Money (foto tenor.com)
Entire Federal Reserve payment system CRASHES due to ‘operational error‘ freezing $ 3 trillion 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 system used by US banks to execute some $ 3 trillion in transactions daily began suffering outages at around 11.15 AM 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 3 PM, but the Fed acknowledged that payment deadlines were ‘impacted‘ during the outage.
Service Alert (foto Daily Mail)
The system used by US 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