The Federal Reserve Bank experienced widespread outages for most of its services Wednesday, including those used for fund transfers, in what the central bank called an “operational error.”
The Federal Reserve Bank notified users on its website shortly after 1 p.m. it was investigating a disturbance in “multiple services.”
“A Federal Reserve operational error resulted in disruption of service in several business lines,” Federal Reserve Bank of Richmond’s Jim Strader told the Washington Examiner. “We are restoring services and are communicating with all Federal Reserve Financial Services customers about the status of operations.”
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Shortly after 2 p.m., the central bank’s website said that services had been restored to some services and that to accommodate those who had been impacted by the disruptions, it was “extending the cash order deadline for FedCash Services to 3:30 p.m.”
The Federal Reserve said that it expects its other services will resume normal operations later this afternoon and urged users to verify that any transactions attempted around the outage window were successfully completed.
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“The Fedwire Funds Service, Fedwire Securities Service, and National Settlement Service have resumed processing and are operating normally,” the central bank said shortly before 3 p.m. “The Federal Reserve Banks have taken steps to help ensure the resilience of the Fedwire and NSS applications, including recovery to the point of failure. Nevertheless, it is critical that you reconcile the messages you believe you had sent or received through the services after waiting several minutes for the backlog of messages to finish processing before you submit additional messages to the Fedwire Funds Service and Fedwire Securities Service and additional settlement files to the National Settlement Service.”
