The US Federal Reserve suffered a massive IT systems outage today that prevented wire transfers, ACH transactions, and other services from operating. When performing a US wire transfer or ACH withdrawal/deposit, the transaction first goes through the Federal Reserve Bank systems who facilitate the transaction. Yesterday, the Federal Reserve banking systems suffered an outage caused by an “operational error” on their end. In other words, someone made a mistake that caused the systems to go down.
Federal Reserve Nationwide Outage Impacts US Banking System
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