Payment services are disrupted at the world’s largest central bank

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The US Federal Reserve has been hit by widespread disruption of multiple payment services, including the system that banks and businesses rely on to transfer trillions of dollars every day.

After running into trouble for several hours, the critical payment system, known as “FedWire,” resumed normal operations before 3 pm EST, according to the Federal Reserve’s website.

In a statement, the Federal Reserve blamed an “operational error” and said it was working to restore services and communicate with clients.

Banks, companies and government agencies depend on FedWire to transfer huge sums of money around the US banking system. And more than $ 3 trillion was transferred daily using FedWire during the fourth quarter of last year.

The problems were widespread, with Fed employees “becoming aware of disruption in all services” starting at 11:15 am ET, according to a statement on the Fed’s website.

In an update, the Fed said it had “taken steps to help ensure the flexibility of FedWire” and National Settlement Service applications “including the problem it encountered.”

A person familiar with the matter at a major bank told CNN that FedWire transfers have resumed, indicating that there are few concerns that no payments will be executed due to the disruption.

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