in daily transactions including paychecks, tax refunds and bill payments All Federal Reserve settlement services su ered disruptions on Wednesday The key banking systems were o line for more than three hours Fed says that the massive outage was caused by an 'operational error' Systems a ected 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 Entire Federal Reserve payment system CRASHES due to 'operational error' freezing $3trillion The Federal Reserve payment systems used to settle transactions between U.S. financial institutions has su ered a massive disruption due to an 'operational error'.
The system used by U.S. banks to execute some $3 trillion in transactions daily began su ering outages at around 11.15am Eastern time on Wednesday, and remained down for more than three hours.
Made with FlippingBook Digital Publishing Software