Ultimate magazine theme for WordPress.

Fed says restoring disrupted Fedwire, other services By Reuters

© Reuters. FILE PHOTO: The Federal Reserve building is pictured in Washington, DC

(Reuters) – The Federal Reserve on Wednesday said it is restoring services disrupted by an “operational error” that resulted in outages for a dozen areas, including check clearing and Fedwire, which handles trillions dollars in transactions daily for the world’s biggest banks.

“A Federal Reserve operational error resulted in disruption of service in several business lines,” the Fed said in an emailed statement. “We are restoring services and are communicating with all Federal Reserve Financial Services customers about the status of operations.”

The Fed first reported potential problems with the services at 12:43 p.m. EST (1743 GMT). As of 2:09 p.m. its website reported an “alert” status for Fedwire, FedACH, and 11 other areas.

The affected services form the hidden backbone to the U.S. banking system, facilitating check clearing and allowing billions of dollars of payments to flow daily through the financial system.

Fedwire is “the premier electronic funds-transfer service that banks, businesses and government agencies rely on for mission-critical, same-day transactions,” the Fed says.

Fedwire Funds in December handled more than 835,000 transactions a day on average, with a daily average dollar volume of $3.4 trillion.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Read More: Fed says restoring disrupted Fedwire, other services By Reuters