According to the Federal Reserve Bank Services website, the bank is currently experiencing a disruption in its Check 21, Check Adjustments, FedLine Advantage, FedLine Command, FedLine Direct and FedLine Web services. Its FedACH, Central Bank, FedCash, Fedwire Funds, Fedwire Securities and National Settlement services went offline at the same time but were restored within two hours.
Additionally, most of the access solutions that the Fed offers — FedLine Advantage, FedLine Command, FedLine Direct, FedLine Web and FedMail — were disrupted and later restored, with only FedLine Advantage offline at the time of publication. The FedMail system, which stayed online through the service disruption, allows the central bank to provide updates on its services to participating organizations.
According to Cointelegraph, Washington Post reporter Rachel Leah Siegel allegedly received an alert from the Fed stating its staff was “currently investigating a disruption to multiple services” and would “continue to provide updates as soon as they are available.”
According to Siegel, Jim Strader from the Federal Reserve Bank of Richmond stated:
“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.”
Set up by the central bank, FedACH handles Social Security benefits, tax refunds and many payroll direct deposits for federal employees, while Fedwire is a real-time gross settlement funds transfer system between accredited institutions.
At the time of publication, the system outage doesn’t seem to have had much impact on cryptocurrencies or fiat. Bloomberg’s ICE Dollar Index, which measures the value of the U.S. dollar against six major currencies, stayed above 90 points for this afternoon. The price of Bitcoin (BTC) is now $48,985, having risen more than 7% in the past 24 hours.