https://www.afinalwarning.com/499945.html (Natural News) The nation’s financial system came to a halt the other day after the Federal Reserve’s payment platform suffered a more than three-hour outage.
Used to execute more than $3 trillion in daily transactions, the system experienced an “operational error” that left banks and other financial institutions with no way to transact paychecks, tax refunds or bill payments.
All Federal Reserve settlement services – the backbone of the U.S. banking and financial sector – were disrupted by the outage. These include Fedwire and FedACH. It is unclear how the outage affected consumer banking services.
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The outage of the National Settlement Service and the Fedwire Securities Service, which provides issuance, settlement, and transfer services for Treasuries and other government securities, was down and this has caused some concern and then conspiracy theories mixed in. The Fed made progress reversing the shutdown within a couple of hours, however, this has illustrated that a long-term outage of the Fed’s online services could cause intense chaos across the world financial system, preventing banks and businesses from finalizing transactions and impeding basic banking functions.
The Federal Reserve said an outage of its key financial services on Wednesday was caused by a maintenance mistake and it is taking steps to prevent a recurrence. The official statement read:
The outage of the National Settlement Service and the Fedwire Securities Service, which provides issuance, settlement, and transfer services for Treasuries and other government securities, was down and this has caused some concern and then conspiracy theories mixed in. The Fed made progress reversing the shutdown within a couple of hours, however, this has illustrated that a long-term outage of the Fed’s online services could cause intense chaos across the world financial system, preventing banks and businesses from finalizing transactions and impeding basic banking functions.
The Federal Reserve said an outage of its key financial services on Wednesday was caused by a maintenance mistake and it is taking steps to prevent a recurrence. The official statement read:
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