WASHINGTON, Feb 24 (Sputnik): The US Federal Reserve payment system has been restored following a temporary disruption to services, Federal Reserve Bank of Richmond spokesman Jim Strader told Sputnik.
“Services are restored,” Strader said after the Fed’s banking system, which allows US financial institutions to send money back and forth electronically, was downed for a few hours on Wednesday.
Strader said a Federal Reserve operational error had caused the disruption of service in several business lines.
All Federal Reserve Financial Services customers have been notified about the status of operations, he added.
On its services website, the Federal Reserve said the Fedwire Funds Service, Fedwire Securities Service and National Settlement Service had resumed normal operations, although there were some “ongoing technical issues.”
“Balances in AMI are incomplete. We are working to resolve the issue as quickly as possible,” it added.
The Federal Reserve sent an alert to such customers at 12:43 p.m. ET of “a possible issue or disruption to multiple services.” In a follow-up alert, it said Fed staff became aware of “a disruption for all services” beginning around 11:15 a.m.
In addition to setting monetary policy, one of the Federal Reserve’s lesser-known roles includes acting as a bank for the nation’s banks, as well as for the US Treasury Department. It provides services including collecting checks and electronically transferring funds, and by selling and redeeming Treasury bills. (UNI)