US

Entire Federal Reserve payment system CRASHES

BREAKING: Entire Federal Reserve payment system CRASHES with banks unable to send or receive wires

The Federal Reserve payment systems used to settle transactions between U.S. financial institutions have suffered an unexplained disruption.

The system used by U.S. banks to execute some $3 trillion in transactions per day was down as of 1pm ET on Wednesday, and the Fed still reported widespread disruptions nearly an hour later.

The reason for the outage and the potential impacts on consumer banking services were not immediately clear. A spokesperson for the Federal Reserve did not immediately respond to an inquiry from DailyMail.com. 

‘The Federal Reserve Bank staff is currently investigating a possible issue or disruption to multiple services,’ the Fed said in an alert at 12.43 pm. 

The system used by U.S. banks to execute some $3 trillion in transactions per day was down as of 1pm ET on Wednesday

An update at 1.18pm confirmed the disruption and added ‘We will continue to provide updates as soon as they are available.’ 

Among the affected services were Fedwire, the system for large transfers between banks which last year handled 184 million transactions totaling more than $840 trillion. 

Every day, transactions over Fedwire total more than $3.3 trillion, according to Fed data.

Other affected systems included FedACH, which generally handles smaller transactions, and The National Settlement Service, used by depository institutions with Federal Reserve Bank master accounts.

Developing story, more to follow.

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