Entire US Federal Reserve Payment System Crashes For Three Hours Due To ‘Operational Error’ Freezing $3Trillion In Daily Transactions

USA World
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 * 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. 
WNU Editor: Imagine what would happen if this outage was not repaired. 
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