The episode follows two significant disruptions to the Fed’s payment services that occurred in 2019. “We are restoring services and are communicating with all Federal Reserve Financial Services customers about the status of operations." The Fed system’s national IT operations are run out of the Richmond reserve bank. It’s separately developing its own same-day settlement payment system called FedNow. It is expected to operate in direct competition with an industry-run payments system started in 2017 by an organization of Wall Street banks, including JPMorgan Chase & Co. and Citigroup Inc.

Source: Mint February 25, 2021 01:58 UTC