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Fed payments system knocked out

Fed payments system knocked out

US Federal Reserve systems used by financial institutions to execute payments went down for several hours on Wednesday.

The Fed blamed an "operational error" for the problem, which affected the Fed ACH service as well as Check 21, FedCash, Fedwire and the national settlement service.

The central bank says it became aware of the issue at about 11.15am eastern time but that most services were back up and running by around 2.45pm.

Comments: (1)

Jeremy Light
Jeremy Light - Fourdotzero - London 24 February, 2021, 23:21Be the first to give this comment the thumbs up 0 likes

just two hours ago I wrote a comment below the Finextra news on the European EPI payments initiative saying it is probably a bad idea to go for a centralised infrastructure - this outage at the Fed confirms why (imagine it happening in, say in 10 years time, even for a few minutes when volumes are 10 to 100 times where they are today, all real-time, and connected to 100s of millions of end points - mobiles, meters, sensors etc)