The Federal Reserve’s operations were disrupted Wednesday, due to an “operational error.”
The Federal Reserve essentially acts as a bank for the nation’s banks. As such, one of its services is the Fedwire Funds Service, facilitating electronic wire transfers between banks. The Fedwire Funds Service was one of the impacted services that was taken offline.
“A Federal Reserve operational error resulted in disruption of service in several business lines. We are restoring services and are communicating with all Federal Reserve Financial Services customers about the status of operations,” said Jim Strader, Richmond Federal Reserve spokesman, in a statement emailed to multiple outlets.
Officials are saying a fix will require a reboot of the servers involved in payment channels. The service should be back online Wednesday afternoon.