Bank Transfer System Flat for Several Hours in the US

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Servers from the Federal Reserve in the United States were out for several hours last night. As a result, transfers between banks in the country were disrupted for a long time.

 

The US money transfer system rests entirely on the Federal Reserve servers, the country’s central bank. Due to a problem with those servers, money could not be transferred between banks for hours yesterday.

It is estimated that billions of dollars in payments were disrupted. Those payments were likely to have been delayed for a while, but would not have been cancelled, US media reports. In addition to banks, other Federal Reserve money services were also interrupted, including FedCash, FedLine services and Fedwire funds.

It is not known what was going on at that Federal Reserve. The bank itself reported that it was investigating “a potential problem” at 1 pm EST. An hour later, the report came that an operational error had been found that could have an impact on payments.

According to the central bank, by 2:30 pm EST, the servers would be back online, but many services had not fully recovered hours later.

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