The Fed’s system that allows banks to send money back and forth went down for several hours
The Federal Reserve’s system that allows financial institutions to send money back and forth electronically went down for several hours Wednesday, but appeared to be coming back online later in the afternoon.
The “operational error,” as the Fed described it, impacted multiple services, including its pivotal automated clearinghouse system, which connects depository and related institutions sending electronic credit and debt transfers.
There were no initial indications that foul play was suspected.
Along with the Fed ACH service, other systems impacted included Check 21, FedCash, Fedwire and the national settlement service.
A statement from the central bank said it became aware of a problem around 11:15 a.m. ET. A person at one Wall Street bank said the Fedwire and ACH system appeared to be…