The US Federal Reserve experienced a glitch in their payment system services on Wednesday, including Fedwire, an integral system that is used by many businesses and banks to wire transfer huge sums of money. 

According to the website of the Federal Reserve, the payment system regained normalcy around 3 pm ET after a long wait filled with technical shortcomings. According to a statement on the Federal Reserve’s website, the disruptions began around 11:15 am ET. Other services, that are crucial for large scale businesses in America, have still not fully recovered, reported CNN. 

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The Federal Reserve, in a statement issued after the fault was detected cited an “operational error” and assured that restoration work is underway. “Our technical teams have determined that the cause is a Federal Reserve operational error,” the message said.

Fedwire is the top preference for most businesses in the US and accounted for over $3 trillion of wire transfers every day in the final quarter of 2020. 

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In an update, the Fed said that it has “taken steps to help ensure the resilience” of Fedwire and national settlement service applications “including to the point of failure”, reported AFP. 

The number of organisations impacted by the technical glitch are still unknown.