Fed glitch shuts down wire transfers, direct deposits, other services


A long Neoclassical building in white marble.

Enlarge / The Federal Reserve Building in Washington, DC. (credit: Rudy Sulgan / Getty Images)

Federal Reserve electronic systems that enable US banks to send each other electronic payments experienced a massive outage on Wednesday afternoon. A Fed statement attributed the outage to an “operational error” but didn’t provide much more detail.

The Federal Reserve System acts as America’s central bank, and it controls much of the plumbing of the US financial system.

The automated clearing house (ACH) system is used for paychecks, bill payments, and other small and medium-sized transactions across the economy. The Check 21 system is used for clearing paper checks. It takes one to two days for these transactions to clear.

Read 3 remaining paragraphs | Comments

index?i=QlvVk975HgE:CYLXCMijLFc:V_sGLiPB index?i=QlvVk975HgE:CYLXCMijLFc:F7zBnMyn index?d=qj6IDK7rITs index?d=yIl2AUoC8zA

Source: https://arstechnica.com/?p=1744900
Proactive Computing found this story and shared it with you.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.