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Thursday, February 25, 2021

The Federal Reserve Payment System Has Crashed.

The Federal Reserve payment system used to settle transactions between U.S. financial institutions has suffered an unexplained disruption. The system used by U.S. banks to execute some $3 trillion in transactions per day was down as of 1pm ET on Wednesday, and the Fed still reported widespread disruptions nearly an hour later. The reason for the outage and the potential impacts on consumer banking services were not immediately 

https://www.dailymail.co.uk/news/article-9296385/Entire-Federal-Reserve-payment-CRASHES.htmlclear.

+++++ARTICLE

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 

By Keith Griffith For Dailymail.com

Published: 13:57 EST, 24 February 2021 | Updated: 17:20 EST, 24 February 2021

https://www.dailymail.co.uk/news/article-9296385/Entire-Federal-Reserve-payment-CRASHES.html

 

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

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 Blogger's note:  Who was it that said that something big would happen on February 24th?

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