Robert Besser
27 Feb 2021, 03:35 GMT+10
WASHINGTON, DC - Several payment services belonging to the U.S. Federal Reserve came to a standstill on Wednesday, including the system that allows for large-value, time-critical payments.
The Fed's website noted that issues related to problems with Fedwire, a backbone of the U.S. payments systems, were resolved after several hours and operations were restored just before 3 p.m. ET.
However, other Federal Reserve services were still encountering issues later in the day.
The Federal Reserve, in a statement, cited an "operational error" as the reason behind the glitch, while highlighting the significant efforts being undertaken to notify customers and resume services.
Fedwire is the most trusted system for daily inter-institutional channeling of very large sums of money in wire transfers, with over $3 trillion having been transferred with this service just in the fourth quarter of 2020.
Extensive issues were encountered, and the Fed staff "became aware of a disruption for all services" starting around 11:15 a.m. ET, according to a message on the Fed website.
"Our technical teams have determined that the cause is a Federal Reserve operational error," the message stated.
The Fed recently claimed to have "taken steps to help ensure the resilience" of Fedwire and national settlement service applications, "including to the point of failure."
The number of banks or companies that were impacted by the failure, was not disclosed.
Get a daily dose of Dallas Sun news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Dallas Sun.
More InformationCAIRO, Egypt: A train traveling from Cairo derailed on Sunday, causing four cars to overturn, killing eleven passengers and injuring ...
NEW DELHI, India: As of April 18, there were fewer than 100 critical care beds to treat Covid patients in ...
PORTLAND, Oregon: The state of Oregon is moving in the opposite direction of much of America, as it seeks to ...
HONG KONG: As part of China's campaign to curtail freedoms in Hong Kong, leaders in the protests against China have ...
VATICAN CITY - Following the one-year lockdown, Pope Francis greeted Catholics in St. Peter's Square for his traditional Sunday noon ...
ATLANTA, Georgia: As Covid-19 cases again increase in states such as Michigan and Minnesota, officials have voiced concern about children ...
SYDNEY, NSW, Australia - Stocks in Japan tumbled on Tuesday. Sharemarkets in Australia and China also fell, while Hong Kong ...
DETROIT, Michigan: General Motors has announced plans to build a second electric battery cell plant in the U.S. with its ...
NEW YORK, New York - U.S. stocks were sold off Monday, a surprising break in what has been a relentless ...
WASHINGTON D.C.: Federal Reserve research indicates that fewer than 200,000 businesses in the United States may have failed during the ...
DUBLIN, Ireland: Cross-border trade between Ireland and Northern Ireland has greatly increased, in some cases doubling since the start of ...
SYDNEY, NSW, Australia - Stocks in Asia had an interesting start to the week with shares in Japan and Australia ...