Last night the US Federal Reserve suffered a major IT systems outage which stopped all ACH transactions, wire transfers, as well as a number of other services from operating.
The system outage affected the majority of electronic service provided by the Federal Reserve Bank. The outage prevented services such as Check 21, Central Bank, Account Services, FedLine Command, National Settlement, FedACH, FedCash, Fedwire Funds, FedLine Advantage, FedLine Direct, FedLine Web, and Fedwire Securities from functioning.
The outage had such a great impact on these systems because when processing an ACH withdrawal/deposit or US wire transfer, the transaction must go through the Federal Reserve Bank systems who facilitate the transaction.
The US Federal Reserve announced that their banking systems suffered an outage which was caused by an “operational error”.
