The financial sector is a critical artery for national and global institutions and governments to pump trillions of “mission-critical”transactions on a daily basis that fuel economies within and across borders. But even a small power outage interruption can cause thousands of financial dealings to freeze, resulting in the world’s monetary heartbeat to arrest.
The financial sector requires colossal computing power to trade at lightning speed and frequency, to analyze and react to market fluctuations, and to provide customers—both private and government—with seamless access to monetary services and trades.
Financial institutions require a highly reliable uninterrupted power supply (UPS) fed through a resilient electrical network that can maintain optimal operations in the event of a blackout, breach or natural disaster that would otherwise cripple its power source.
Case in point: the US Federal Reserve in February 2020 experienced a three-hour national outage. To many, that may seem trivial but in actuality, it was an indictment of why a solid (UPS) is required and paramount for financial operations. During that three-hour downtime window, several of the Fed’s payments systems froze, which disrupted the ability for many US financial institutions to send and receive funds. The Federal Reserve Bank processes all retail, all goods and services, stocks, bonds, every transaction that goes through banks. This equates to trillions of dollars of transactions every day.
According to Bloomberg, the outages severed operations of the automated clearinghouse system known as FedACH, which handles roughly 60 million daily transactions, and the Fedwire Funds interbank transfer service, which in 2020 processed $840.5 trillion in transfers,in addition to several systems—or vessels—of the U.S. payment infrastructure. Everything from payroll services to enterprise transactions, to interbank transfers were interrupted. In other words, the nation’s financial sector suffered a heart attack.
Currently, there is no nationwide power supply safety net to carry the economy if a power outage occurs for a significant period of time, causing financial institutions to not be able to operate that would include call center banking, on-line banking and mobile banking in addition to global monetary transactions by governments not being able to access capital.
In the end, financial services heavily rely on a solid power infrastructure as their operation backbone. Each day, data must be generated, processed, traded, and stored. That is why financial service institutions have some of the highest standards around for the contactors they use for their critical power and trading operation projects. Because of their 24/7 operations they need the “best of the best” to provide this critical power backbone.
Therefore having the right contractor when installing a power supply network is critical. For more than 35 years, power supply infrastructure installers like Hugh O’Kane Electric (HOK), led by President Hugh R O’Kane, have become a leading power installation and network provider for New York City and its metro area. The company has been upgrading, expanding and installing electrical power for a variety of public and private financial enterprises on a regular basis.
This institutional expertise Hugh O’Kane is able to provide to private entities is paramount in order to design and implement network projects that can successfully expand their service offerings to increase their market share and gain more customers. This lineage and industry expertise has afforded Hugh O’Kane a competitive edge because it has expert knowledge of an area’s infrastructure and is able to work within the required parameters of existing power supply networks much more easily. In doing so, Hugh O’Kane is able to take the time required to provide a robust power infrastructure needed to ensure continuous, robust connectivity.
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