* 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.
More News On The Entire US Federal Reserve Payment System Crashes For Three Hours