Fedwire

Fedwire

Fedwire is a Real Time Gross Settlement Funds Transfer system operated by the Federal Reserve Banks that enables financial institutions to electronically transfer funds between its more than 9,500 participants. In conjunction with the privately held Clearing House Interbank Payments System (CHIPS), Fedwire is the primary United States network for large-value or time-critical domestic and international payments, and it is designed to be highly resilient and redundant. The average daily value of transfers over the Fedwire Funds Service is approximately $2.3 trillion, and the daily average number of payments is about 532,000Fact|date=July 2008.

See Also

*CHAPS the United Kingdom's equivilant to Fedwire

References

* [http://www.federalreserve.gov/paymentsystems/coreprinciples/default.htm Fedwire Funds Transfer System]
* [http://www.federalreserve.gov/paymentsystems/fedwire/default.htm Fedwire and National Settlement Services]


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