Entire Federal Reserve payment system crashed
Mar 1, 2021 17:15:42 GMT -5
Post by OmegaMan on Mar 1, 2021 17:15:42 GMT -5
VULNERABLE: Entire Federal Reserve payment system crashed due to “operational error”
Monday, March 01, 2021 by: Ethan Huff
Tags: banks, bill payments, chaos, Collapse, crash, Federal Reserve, financial system, great reset, new world order, operational error, paychecks, risk, tax refunds, transactions
(Natural News) The nation’s financial system came to a halt the other day after the Federal Reserve’s payment platform suffered a more than three-hour outage.
Used to execute more than $3 trillion in daily transactions, the system experienced an “operational error” that left banks and other financial institutions with no way to transact paychecks, tax refunds or bill payments.
All Federal Reserve settlement services – the backbone of the U.S. banking and financial sector – were disrupted by the outage. These include Fedwire and FedACH. It is unclear how the outage affected consumer banking services.
“A Federal Reserve operational error resulted in disruption of service in several business lines,” a spokesman from the private money-changing group is quoted as saying.
“We have restored services and communicated with all Federal Reserve Financial Services customers about the status of operations.”
Fedwire handles large transfers between banks. Last year, it processed 184 million of them totaling more than $840 trillion. FedACH handles smaller transactions such as paychecks, tax refunds and utility bill payments.
The National Settlement Service (NSS), used by depository institutions with Federal Reserve Bank master accounts, were also affected by the outage, as was every other transaction service maintained by the Federal Reserve.
Full article at link
Monday, March 01, 2021 by: Ethan Huff
Tags: banks, bill payments, chaos, Collapse, crash, Federal Reserve, financial system, great reset, new world order, operational error, paychecks, risk, tax refunds, transactions
(Natural News) The nation’s financial system came to a halt the other day after the Federal Reserve’s payment platform suffered a more than three-hour outage.
Used to execute more than $3 trillion in daily transactions, the system experienced an “operational error” that left banks and other financial institutions with no way to transact paychecks, tax refunds or bill payments.
All Federal Reserve settlement services – the backbone of the U.S. banking and financial sector – were disrupted by the outage. These include Fedwire and FedACH. It is unclear how the outage affected consumer banking services.
“A Federal Reserve operational error resulted in disruption of service in several business lines,” a spokesman from the private money-changing group is quoted as saying.
“We have restored services and communicated with all Federal Reserve Financial Services customers about the status of operations.”
Fedwire handles large transfers between banks. Last year, it processed 184 million of them totaling more than $840 trillion. FedACH handles smaller transactions such as paychecks, tax refunds and utility bill payments.
The National Settlement Service (NSS), used by depository institutions with Federal Reserve Bank master accounts, were also affected by the outage, as was every other transaction service maintained by the Federal Reserve.
Full article at link