Today, almost all the services available through the Fed’s web portal have been closed for more than an hour.
According to the Federal Reserve Bank Service website, the bank is currently experiencing disruptions in Check 21, Check Adjustments, FedLine Advantage, FedLine Lead, FedLine Direct Services and FedLine Web, which started at 18:18 UTC today. FedACH, Central Bank, FedCash, Fedwire Funds, Fedwire Securities and national settlement services were discontinued simultaneously, but were restored within 2 hours.
In addition, most of the Fed access solutions – FedLine Advantage, FedLine Command, FedLine Direct, FedLine Web and FedMail – have been disabled and restored later, and FedLine Advantage is disabled only at the time of publication. FedMail, which remained online before the closure, allows the central bank to provide participating organizations with up-to-date information about their services.
Washington Post reporter Rachel Leah Siegel reportedly received a warning from the Fed that employees “are currently investigating more service disruptions” and will continue to “provide updates as soon as they become available.”
According to Siegel, Jim Strider of the Federal Reserve Bank of Richmond said:
“An operational error from the Federal Reserve has led to the closure of many businesses. We restore services and communicate with all Federal Financial Service customers about operations. ”
The central bank set up FedACH and handles social security benefits, tax refunds and various direct wage contributions for federal employees, and Fedwire is a system for transferring real-time gross settlement funds between approved organizations. Some in the crypto space have pointed out that the blockchain industry already seems to have the infrastructure to process such payments.
At the time of publication, it does not appear that the system shutdown has had a major impact on cryptocurrencies or fiat. The Bloomberg ICE Dollar Index, which measures the value of the US dollar against six major currencies, stayed above 90 points this afternoon. Bitcoin (BTC) is currently valued at $ 48,985 after growing more than 7% in the last 24 hours.