4 Presidents-WTF?!! Why Ya’ll Ain’t Tell Me?!
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Entire Federal Reserve payment system CRASHES due to 'operational error' freezing $3trillion in daily transactions including paychecks, tax refunds and bill payments
Entire Federal Reserve payment system CRASHES | Daily Mail Online
Entire Federal Reserve payment system CRASHES | Daily Mail Online
Thanks going watch tomorrow at work
And so it begins
The system used by U.S. banks to execute some $3 trillion in transactions daily began suffering outages at around 11.15am Eastern time on Wednesday, and remained down for more than three hours.
'A Federal Reserve operational error resulted in disruption of service in several business lines,' a Fed spokesman told DailyMail.com in a statement. 'We have restored services and communicated with all Federal Reserve Financial Services customers about the status of operations.'
- All Federal Reserve settlement services suffered disruptions on Wednesday
- The key banking systems were offline for more than three hours
- Fed says that the massive outage was caused by an 'operational error'
- Systems affected form the backbone of US banking and financial sector
- Fedwire is used by banks to transfer an average of $3.3 trillion every day
- FedACH handles smaller transactions such as paychecks and tax refunds
The system used by U.S. banks to execute some $3 trillion in transactions daily began suffering outages at around 11.15am Eastern time on Wednesday, and remained down for more than three hours.
'A Federal Reserve operational error resulted in disruption of service in several business lines,' a Fed spokesman told DailyMail.com in a statement. 'We have restored services and communicated with all Federal Reserve Financial Services customers about the status of operations.'
This should be trending way more than it is. If people really understood the consequences of this
Fed Outage Raises Questions on Wall Street as Services Restored
Operational Error’
“A Federal Reserve operational error resulted in disruption of service in several business lines,” Jim Strader, a spokesman for the Richmond Fed, said in an e-mailed statement. “We are restoring services and are communicating with all Federal Reserve Financial Services customers about the status of operations.”
The Fed system’s national IT operations are run out of the Richmond reserve bank. The central bank’s payment services website noted the disruptions were discovered around 11:15 a.m. and Strader declined to comment on whether they were a result of system updates or human error, but confirmed that the system maintains operations in other locations.
Inside financial firms, traders were generally calm, still handling transactions. A mood of initial confusion subsided as many realized they weren’t affected, one said.
ACH is a national system that processes batches of electronic funds transfers such as payroll, social security benefits, tax refunds, corporate payments to vendors and utility payments, according to the Fed’s website. The commercial service handled 62.1 million transactions a day on average in 2019 with an average value of $1,802, the latest year for which data are available.
In a posting on its website at 2:46 p.m. the Fed said it was taking steps to ensure the resilience of its services but urged customers to double check that any messages they had sent or received had been reconciled.
FedNow
The disruptions come as the central bank is preparing to take on even more responsibility. It’s separately developing its own same-day settlement payment system called FedNow. It is expected to operate in direct competition with an industry-run payments system started in 2017 by an organization of Wall Street banks, including JPMorgan Chase & Co. and Citigroup Inc.
The Fed’s system has suffered problems before. In 2019, the FedWire interbank funds transfer service went down for about three hours. The Fed blamed the outage on “an internal technical issue,” but declined to provide more details.
Bloomberg News sought additional information about that incident under the Freedom of Information Act, but the request and a subsequent appeal were denied by the Board of Governors.
Fed Outage Raises Questions on Wall Street as Services Restored
Operational Error’
“A Federal Reserve operational error resulted in disruption of service in several business lines,” Jim Strader, a spokesman for the Richmond Fed, said in an e-mailed statement. “We are restoring services and are communicating with all Federal Reserve Financial Services customers about the status of operations.”
The Fed system’s national IT operations are run out of the Richmond reserve bank. The central bank’s payment services website noted the disruptions were discovered around 11:15 a.m. and Strader declined to comment on whether they were a result of system updates or human error, but confirmed that the system maintains operations in other locations.
Inside financial firms, traders were generally calm, still handling transactions. A mood of initial confusion subsided as many realized they weren’t affected, one said.
ACH is a national system that processes batches of electronic funds transfers such as payroll, social security benefits, tax refunds, corporate payments to vendors and utility payments, according to the Fed’s website. The commercial service handled 62.1 million transactions a day on average in 2019 with an average value of $1,802, the latest year for which data are available.
In a posting on its website at 2:46 p.m. the Fed said it was taking steps to ensure the resilience of its services but urged customers to double check that any messages they had sent or received had been reconciled.
FedNow
The disruptions come as the central bank is preparing to take on even more responsibility. It’s separately developing its own same-day settlement payment system called FedNow. It is expected to operate in direct competition with an industry-run payments system started in 2017 by an organization of Wall Street banks, including JPMorgan Chase & Co. and Citigroup Inc.
The Fed’s system has suffered problems before. In 2019, the FedWire interbank funds transfer service went down for about three hours. The Fed blamed the outage on “an internal technical issue,” but declined to provide more details.
Bloomberg News sought additional information about that incident under the Freedom of Information Act, but the request and a subsequent appeal were denied by the Board of Governors.
Lmao! I forgot all about this thread
Feds ain’t shyt.
What’s the likelihood of getting a president willing to dismantle this system to make it more equitable for all?
Without catching a bullet to the head?
What would it even take?
According to the info in this thread this is a global issue...
JoogJoint
In my own league.
I agree with you and thanks.
Finance and economics should be mandatory to learn.
JoogJoint
In my own league.
So, what's y'all theory on the so called "coin shortage"?
I don't believe in it.
I don't believe in it.
At the end of the day they already own us, what the point in fighting them when they control 95 percent of the world. We lost the fight when they snatched JFK. Our only hope is aliens coming down and giving us a universal currency till then we all slaves.
fukk bytches get money
fukk bytches get money
congrats OP, you're seeing the light. There's much to learn on your journey.
I’ve been looking into that. I believe it somewhat but I’ll have to post some of my findings in support up at a later time when I have more timeSo, what's y'all theory on the so called "coin shortage"?
I don't believe in it.
Nooooooo.. Never forget Books,Lmao! I forgot all about this thread
Feds ain’t shyt.
What’s the likelihood of getting a president willing to dismantle this system to make it more equitable for all?
Without catching a bullet to the head?
What would it even take?
you can’t forget - there are levels to this. this is muy importante; do y’all not understand that there was NO MONEY, NONE, NADA, ZERO, being exchanged for hours on hours, the mass panic that would have ensued, omg the fallout. I don’t get their end game. They just want everything and none of this shyt seems sustainable at all. That shyt would have caused complete chaos.Nooooooo.. Never forget Books,
I have to breakdown this for
For y’all - you’ll see what I’m talking about. Be back later tonight or whether I can adequately break this down. Once you see, you can’t unsee, I’m bout to get in my Finance bag, it’s going to get ugly out here . That was a test run
For y’all - you’ll see what I’m talking about. Be back later tonight or whether I can adequately break this down. Once you see, you can’t unsee, I’m bout to get in my Finance bag, it’s going to get ugly out here . That was a test run