Entire Federal Reserve payment system CRASHES due to ‘operational error’ freezing $3trillion in daily transactions including paychecks, tax refunds and bill payments

(From The Daily Mail)

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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The Fed’s system that allows banks to send money back and forth went down for several hours

 

(From CNBC)

The “operational error,” as the Fed described it, impacted multiple services, including its pivotal automated clearinghouse system, which connects depository and related institutions sending electronic credit and debt transfers.

There were no initial indications that foul play was suspected.

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Author: Editor


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