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Feb 24, 2021 1 min read

Federal Reserve Disruption to Payment Services – Will it Affect My Payment Processing?

Procare By: Procare

On Wednesday, Feb. 24, the Federal Reserve experienced a disruption in payment services that execute millions of financial transactions per day. Here’s what you need to know:

What happened?

At around 11:15 a.m. EST on Feb. 14, the Federal Reserve discovered disruptions in its payment services, affecting the millions of payment transactions it handles on a daily basis.

Are services restored?

According to Bloomberg, the bank restored the automated clearinghouse system known as FedACH as well as its Fedwire Funds, Fedwire Securities, Central Bank, National Settlement, FedCash, Check 21 and Check Adjustments services. It’s still working to restore some of its other services.

Will this affect any payments I received today?

No. We did not see any impact to settlement or funding within our payment processing platform.

Should I be worried that this will happen again?

These are rare occurrences, and the Fed has committed to take additional steps to ensure the resilience of its services.

If you have any additional questions about your payment processing services through Procare, we encourage you to visit our support page.  

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ABOUT THE AUTHOR

Procare

Procare provides comprehensive child care management software with the power to help you take control at every point of your business.

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