Federal Reserve Payment System Services Restored After Massive Disruption

Federal Reserve Payment System Services Restored After Massive Disruption

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The outage has impacted many financial services, including the Check 21, FedCash, Fedwire and the national settlement service. According to the official statement, the interruption was caused by "a Federal Reserve operational error".

On Wednesday afternoon at 12:43 PM ET (17:43 GMT), Federal Reserve System that allows electronic money transactions between financial institutions went down.

“The Federal Reserve Bank staff is currently investigating a disruption to multiple services. We will continue to provide updates as soon as they are available,” the Fed said in a statement.

Among the impacted services are Account Services, Check 21, Check Adjustments, FedACH, FedCash, FedLine Advantage, FedLine Command, FedLine Direct, FedLine Web, Fedwire Funds, Fedwire Securities, National Settlement. 

Issues with the Central Bank, according to the Fed, has been resolved, and "users may resume normal access", while other services remain shut down. At 2:30 PM ET (19:30 GMT), the Fed said that access to FedCash Services via the FedLine Web solution has also been restored.

Shortly after, it was announced that access to several other services has been resumed.

"The Fedwire Funds Service, Fedwire Securities Service, and National Settlement Service have resumed processing and are operating normally. The Federal Reserve Banks have taken steps to help ensure the resilience of the Fedwire and NSS applications, including recovery to the point of failure", the Fed said.

Sputnik Screenshot

A screenshot from the Federal Reserve page showing a disruption in the work of the federal transaction system

According to the statement, the reason behind the outage is "a Federal Reserve operational error". 

"We acknowledge that payment deadlines are impacted and will communicate remediation efforts to our customers when available.  Thank you for your patience while we work to resolve the issue", the Fed said.

A digital cryptocurrency exchange platform OKCoin announced that due to Federal Reserve services outage its customers may experience "delays for USD deposits and withdrawals into and out" of the platform until the issues are resolved.

​The Federal Reserve system handles essential financial transactions such as direct deposits of payroll, Social Security, income tax refunds, auto payments for mortages, utility bills and other operations.

According to reports, disruptions of federal transactions system have not happened for "decades."





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February 24, 2021 at 03:00PM
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