The Federal Reserve suffered on Wednesday widespread disruption to multiple payment services, including the system that banks and corporations rely on to squeeze trillions of dollars around the financial system.
After running into trouble for several hours, the critical payment system, known as Fedwire, resumed normal operations, according to the Feds, however, other Fed services are still down.
The Federal Reserve said that it was an 'operational error', and added it was working to restore services and communicate with clients.
According to data, about $3 trillion were transferred daily using Fedwire during the fourth quarter.
"Our technical teams determined that the cause was an operational error on the part of the Federal Reserve," the federal reserve said, adding in an update that it has 'taken steps to help ensure the flexibility of Fedwire and National Settlement Service applications including the point of failure'.
Meantime, a source familiar with the matter told CNN that Fedwire flows have resumed, and that some payments fail to be executed due to the disruption.
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