The Federal Reserve's system for interbank payments went down

[Nevilledog]

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Emma Kinery
@EmmaKinery
·
Feb 24, 2021
Replying to @EmmaKinery
The Federal Reserve Bank staff is currently investigating a disruption to multiple services, CNBC reports
- Outage impacted automated clearinghouse system
- Also impacted: Check 21, FedCash, Fedwire and the national settlement service
More on @TheTerminal

Emma Kinery
@EmmaKinery
The Federal Reserve’s system for interbank payments went down Wednesday afternoon.

The outage was widespread across its payment systems, including the vital automated clearinghouse system known as FedACH, and the Fedwire Funds interbank transfer service

Fed Investigating Outage in Interbank Payment System
The Federal Reserve’s system for interbank payments went down Wednesday afternoon, according to a website for payment services operated by the U.S. central bank.
bloomberg.com
12:42 PM · Feb 24, 2021

[dalton99a]

1. Caused by "operational error"

[Klaralven]

2. Sort of like an embolism in the financial system's aorta.

https://www.cnbc.com/2021/02/24/the-feds-system-that-allows-banks-to-send-money-back-and-forth-is-down.html

A statement from the central bank said it became aware of a problem around 11:15 a.m. ET. A person at one Wall Street bank said the Fedwire and ACH system appeared to be coming back online around 2:45 p.m. ET.

“Fedwire Funds Service, Fedwire Securities Service, and National Settlement Service have resumed processing and are operating normally,” the Fed said around the same time.

The statement further noted that the glitch impacted payment deadlines and said the Fed “will communicate remediation efforts to our customers when available.”

No further information was available.

The list of services impacted: Account Services, Central Bank, Check 21, Check Adjustments, FedACH, FedCash, FedLine Advantage, FedLine Command, FedLine Direct, FedLine Web, Fedwire Funds, Fedwire Securities and National Settlement.