The Federal Reserve’s Online Money Transfer System Goes Down

THE Federal Reserve’s Online Money Transfer System Goes Down but appears to be coming back online

The online system that the Federal Reserve operates that allows financial institutions to send money back and forth electronically, went down for several hours on Wednesday (February 24), but it appeared to be coming back online later in the afternoon, and are no initial indications that foul play is suspected.

The Fed described it as an “operational error”, which impacted multiple services, including its pivotal automated clearinghouse system, which connects depository and allows related institutions to send electronic credit and debt transfers.

The full list of services impacted is Account Services, Central Bank,  Check Adjustments, FedACH, FedLine Advantage, FedLine Command, FedLine Direct, FedLine Web, Fedwire Funds, and the national settlement service.

A central bank statement said it became aware of a problem around 11:15am local time. A person at one Wall Street bank said the Fedwire and ACH system appeared to be coming back online around 2:45pm local time, with the Fed saying around the same time, “Fedwire Funds Service, Fedwire Securities Service, and National Settlement Service have resumed processing and are operating normally”.

The statement further noted that the glitch impacted payment deadlines and said the Fed “will communicate remediation efforts to our customers when available”.

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