21–30 of 79 posts
https://frbservices.org/app/status/serviceStatus.do
Affected Areas: Account Services, Check 21, Check Adjustments, FedACH, FedLine Advantage, FedLine Command, FedLine Direct, FedLine Web, Fedwire Funds, Fedwire Securities, National Settlement
Earlier quoted context omitted.
Their uptime stats seem pretty reasonable to me, exceeding their target uptime in almost all cases. https://www.frbservices.org/resources/financial-services/ach...
Am I the only one surprised that some of their targets don't even have 3 nines as availability? That's some pretty crazy stuff when it comes to how serious the context is and considering the availability of cryptocurrency transactions.
I have associates involved in mortgage lending. Anyone who was waiting to close based on a wire was told to just reschedule for tomorrow.
[1] https://en.wikipedia.org/wiki/High_availability#Percentage_c...
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Affected Areas: Account Services, Check 21, Check Adjustments, FedACH, FedLine Advantage, FedLine Command, FedLine Direct, FedLine Web, Fedwire Funds, Fedwire Securities, National Settlement
About 3/4 of services seem to be back up now, including ACH
This is what happens when government runs areas of the economy. Private companies can go bankrupt when they get obsolete, but government agencies have massive political pull and are never dismantled. The nation that can figure out a bankruptcy process for government agencies will be the leader in future centuries.
The Federal Reserve is a private company.
It's gluing feathers to my iguana and calling it a bird.
This is what happens when government runs areas of the economy. Private companies can go bankrupt when they get obsolete, but government agencies have massive political pull and are never dismantled. The nation that can figure out a bankruptcy process for government agencies will be the leader in future centuries.
The Federal Reserve is a private company.
Earlier quoted context omitted.
Why wouldn't they use SFTP?
Meet the US government... Triple DES is still used for backwards compatibility in banking
The Treasury is US Government. But the Fed is owned by the member banks. The US kinda coopted a seat at their table and Congress + President appoints the Fed head. But otherwise, the rest of the board is made up by private companies.
Earlier quoted context omitted.
Why wouldn't they use SFTP?
Don't touch if it isn't broken? From what I've seen in other countries, you don't update protocols for this. You introduce better ones and kill the old ones once nobody used them for a while. Which might take longer than expected, because "free instant transfers" might be seen as cannibalizing the "slightly less slow expensive transfers" any given bank might have on offer.
For comparison, the third world underdeveloped country where I live has an electronic cash transfer system allowing me to send ANY amount of money in 10 minutes at most for $0.5 usd.
Earlier quoted context omitted.
Their uptime stats seem pretty reasonable to me, exceeding their target uptime in almost all cases. https://www.frbservices.org/resources/financial-services/ach...
Am I the only one surprised that some of their targets don't even have 3 nines as availability? That's some pretty crazy stuff when it comes to how serious the context is and considering the availability of cryptocurrency transactions.
Earlier quoted context omitted.
Meet the US government... Triple DES is still used for backwards compatibility in banking
The Fed is a private entity actually. The Treasury is US Government. But the Fed is owned by the member banks. The US kinda coopted a seat at their table and Congress + President appoints the Fed head. But otherwise, the rest of the board is made up by private companies.
Yes, it shares some power with the banks it regulates (who can elect representatives), but the US government didn't "coopt a seat at the table." It built the table and had most of the seats from the start.
And it's true that member banks own stock in the Fed, but it's a super-funky kind of stock ownership. That stock can't be sold or traded, and doesn't grant the kind of voting rights one normally associates with stock ownership. It only entitles the stockholder to their share of the dividends the Fed pays every year. The Fed actually returns nearly all of its profits (something like 95%) to the US Treasury, and pays the rest as dividends to shareholder banks.