The Federal Reserve suffers widespread disruption to payment services

[yota691]

The Federal Reserve suffers widespread disruption to payment services

By Matt Egan, CNN Business

 

Updated 5:44 PM ET, Wed February 24, 2021

 

 

 

New York (CNN Business)The Federal Reserve suffered a widespread disruption in multiple payment services Wednesday, including a system that banks and businesses rely on to zip trillions of dollars around the financial system each day.

After experiencing problems for several hours, the crucial payment system, known as Fedwire, resumed normal operations shortly before 3 p.m. ET, according to the Fed's website.

Other Fed services are still down, however.

In a statement, the Fed blamed an "operational error" and said it is working to restore services and communicate with customers.

 

 

Banks, businesses and government agencies rely on Fedwire to transfer vast sums of money around the US banking system. More than $3 trillion was transferred daily using Fedwire during the fourth quarter.

The problems were widespread. Fed staff "became aware of a disruption for all services" beginning around 11:15 a.m. ET, according to a message on the Fed website.

"Our technical teams have determined that the cause is a Federal Reserve operational error," the message said.

In an update, the Fed said that it has "taken steps to help ensure the resilience" of Fedwire and national settlement service applications "including to the point of failure."

It's not clear how many banks or companies are affected by the outage.

 

Gemini, the cryptocurrency exchange backed by the Winklevoss twins, said some of its systems are experiencing outages because of the Fed disruption. "All funds remain secure while we investigate the issue," Gemini said in a status update.

A person familiar with the matter at a major bank told CNN Business that Fedwire flows have resumed. There are few concerns that any payments will fail to be executed due to the outage, the person added.

[yota691]

Is this effect of reset or major screw up?

[nstoolman1]

8 minutes ago, yota691 said:

 major screw up?

 

You probably answered your own question. It's the Fed.

[coorslite21]

Hard to say.......but be assured.....as has happened in history else where.........US Citizens will wake up to a new reality.....

 

Hopefully it won't  be a Greece or Cyprus situation.....Banks closed.....currency devalued by 70%.....

 

Let's pray for a seamless transition to a new financial reality..         CL  

[rw.sutton]

13 minutes ago, yota691 said:

Is this effect of reset or major screw up?

Good Morning Yota and DV, Im thinking about the song Elvis made famous, "Caught in a Trap, and we cant go back"! Ba cause I love you to much, Joey!

[rw.sutton]

Just now, rw.sutton said:

Good Morning Yota and DV, Im thinking about the song Elvis made famous, "Caught in a Trap, and we cant go back"! Ba cause I love you to much, Joey!

Darn, forgot my picture!

[coorslite21]

1 hour ago, yota691 said:

Is this effect of reset or major screw up?

 

Very possible it is a necessary step in the reset...Wednesdays are the day for that type of activity in the financial World...    CL

[Pitcher]

5 minutes ago, coorslite21 said:

Very possible it is a necessary step in the reset...Wednesdays are the day for that type of activity in the financial World... 

 

When I first saw this yesterday afternoon that is exactly what I thought.

 

The second thing I thought was, it’s happening.  It’s showtime, get out the popcorn and enjoy the show.  If you own Dinars, Gold, Silver, Cryptos, RE, you should be in good shape.

[MyLadiesDaddy]

1 hour ago, Pitcher said:

 

When I first saw this yesterday afternoon that is exactly what I thought.

 

The second thing I thought was, it’s happening.  It’s showtime, get out the popcorn and enjoy the show.  If you own Dinars, Gold, Silver, Cryptos, RE, you should be in good shape.

NOOOOOOOOOO

Not until I get my next Covid19 money from Biden and make my next order of Silver.  

[yota691]

Payment services are disrupted at the world's largest central bank

Economie| 11:14 - 25/02/2021

 

 

 

 

Follow-up - Mawazine News   
The US Federal Reserve has been exposed to widespread disruption in multiple payment services, including the system that banks and companies rely on to transfer trillions of dollars every day.

After running into trouble for several hours, the critical payment system, known as "Fedwire," resumed normal operations before 3 pm EST, according to the Federal Reserve website.

In a statement, the Federal Reserve blamed an "operational error" and said it was working to restore services and communicate with clients.

Banks, companies and government agencies depend on FedWire to transfer huge sums of money around the US banking system. More than $ 3 trillion was transferred daily using FedWire during the fourth quarter of last year.

The problems were widespread, with Fed employees "aware of a disruption in all services" starting at 11:15 am ET, according to a statement on the Fed's website.

In an update, the Fed said it had "taken steps to help ensure the flexibility of FedWire" and National Settlement Service applications "including the problem it encountered."

A person familiar with the matter at a major bank told CNN that Fedwire transfers have resumed, indicating that there are few concerns that no payments will be executed due to the disruption. 29 / A 87

[yota691]

HSBC's Overhaul
8,598 views•Feb 22, 2021

 

Bloomberg Markets and Finance

Feb.21 -- A look back at the challenges and changes HSBC faced since its overhaul announcement last year. The bank is set to unveil its latest strategy reset on February 23.

 

 

 

 

 

Peter
4 days ago
You can’t polish a turd

 

thegreatpotenza '
4 days ago
Overhaul? Is this a rebranding of getting government money to continue fraudulant usury?

 

Mister006
4 days ago
The bank that steals from you. HSBC

 

Macy Chambers
2 days ago
Was This On Bloomberg Markets China Open, The Show That I Love 😍😍😍😍😍😍.

Dan IRL
4 days ago
Banned crypto purchases and deposits from crypto wallets. It’s a dinosaur. Walk away.

 

Life Is My Opportunity - Channel
4 days ago
I lost my job during the pandemic 😷
I created my YouTube channel believing for myself, you and the rest of the world🌍

 

mrpmj00
3 days ago
Chinese communist bank

Donald Harlan
4 days ago
You would be surprised who actually owns HSBC bank,. he's an American.  He needs support getting money from the banks so he can get rid of the criminals trying to run the company.  LA, CA

[PeaceSign]

When I saw that the FED was down and it affected interbank activities my instincts told me buy more xrp and xlm (interbank transfer currencies). Because those two cryptos are the bridge currencies for the central banks and other cross border payments.  And it was right after the first in a series of lawsuits that the sec has against ripple (xrp) which was Feb 22nd...it's a signal.

[PeaceSign]

And I already hold physical, land, food storage, and as a back up to my back up I know which section of the forest I will be in if it gets hairy enough

[coorslite21]

1 hour ago, PeaceSign said:

And I already hold physical, land, food storage, and as a back up to my back up I know which section of the forest I will be in if it gets hairy enough

Sounds like you have a firm plan.... !

CL 

[yota691]

 

[yota691]

Pretty sad that Communist Media takes down / removes video's, thinking they know what best for me or the people. Trying to tell me or the people how think and what to think. And on top of that we have communist run government that allow's it...What happen to Freedom of Speech...?