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New York (CNN Business)The Federal Reserve suffered a widespread disruption in multiple payment services Wednesday, including a system that banks and businesses rely on to zip trillions of dollars around the financial system each day.
After experiencing problems for several hours, the crucial payment system, known as Fedwire, resumed normal operations shortly before 3 p.m. ET, according to the Fed's website.
Other Fed services are still down, however.
In a statement, the Fed blamed an "operational error" and said it is working to restore services and communicate with customers.
Banks, businesses and government agencies rely on Fedwire to transfer vast sums of money around the US banking system. More than $3 trillion was transferred daily using Fedwire during the fourth quarter.
The problems were widespread. Fed staff "became aware of a disruption for all services" beginning around 11:15 a.m. ET, according to a message on the Fed website.
"Our technical teams have de
New York (CNN Business)The Federal Reserve suffered a widespread disruption in multiple payment services Wednesday, including a system that banks and businesses rely on to zip trillions of dollars around the financial system each day.
After experiencing problems for several hours, the crucial payment system, known as Fedwire, resumed normal operations shortly before 3 p.m. ET, according to the Fed's website.
Other Fed services are still down, however.
In a statement, the Fed blamed an "operational error" and said it is working to restore services and communicate with customers.
Banks, businesses and government agencies rely on Fedwire to transfer vast sums of money around the US banking system. More than $3 trillion was transferred daily using Fedwire during the fourth quarter.
The problems were widespread. Fed staff "became aware of a disruption for all services" beginning around 11:15 a.m. ET, according to a message on the Fed website.
"Our technical teams have de
09:53 PM - Feb 24, 2021
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