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August 12, 2022
Finance Technologies

US Federal Reserve’s payment system down for more than three hours

The US Federal Reserve suffered a major outage this week which saw its payments systems suffer a shutdown. For more than three hours, systems remained disrupted, after which, the regulator got the majority of them back up and running. Its systems process more than $3 trillion each day. As of 2:58pm, the Federal Reserve’s website still reported an “alert” status for several of its service areas. The central bank put the outage down to an “operational error”. Both Fedwire and FedDACH went down Major US banks rely on the Federal Reserve’s real-time payment settlement system, called “Fedwire”, which took even…
US Federal Reserve’s payment system down for more than three hours

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