Fed’s Interbank Payment System Crashed!
The electronic payment system of the US Federal Reserve (Fed) between financial institutions has collapsed.The problem, defined as an operational error according to the FED, affected the entire electronic credit and debt transfer system, especially the automated clearinghouse.
Currently, no defective activity has been detected.With the FED’s clearinghouse, Check 21, FedCash, Fedwire and the national payment system were negatively affected.The following statements were used in the statement:
“Our technical teams found that the problem was related to an operational error. As more information becomes available, we will continue to explain. “
Explaining that the error in the system was due to due dates, the Fed announced that they remained in contact to resolve customer problems.
There is currently no other explanation.
Affected services : account services, Federal Reserve, Check 21, Check Adjustments, FedACH, FedCash, FedLine Advantage, FedLine Command, FedLine Direct, FedLine Web, Fedwire Funds, Fedwire Securities, and national payment system.
The problem with automatic clearinghouse services, along with Social Security and income tax refunds, can negatively affect mortgage and electricity, water, natural gas bill payments.Considering that FedCash, which is used in money distribution, was under tight control during Covid-19, FedWire was an alternative to automatic clearinghouse services.