Fedwire

Formally known as the Federal Reserve Wire Network, Fedwire is a real-time gross settlement funds transfer system operated by the United States Federal Reserve Banks that enables financial institutions to electronically transfer funds between its more than 9,289 participants (as of March 19, 2009).

In conjunction with Clearing House Interbank Payments System (CHIPS), operated by The Clearing House Payments Company, a private company, Fedwire is the primary U.S. network for large-value or time-critical domestic and international payments, and it is designed to be highly resilient. In 2012, CHIPS was designated a systemically important financial market utility (SIFMU) under Title VIII of the Dodd–Frank Act, which means that CHIPS is subject to heightened regulatory scrutiny by the Federal Reserve Board.

The average daily value of transfers over the Fedwire Funds Service in 2007 was approximately $2.7 trillion, and the daily average number of payments was about 537,000. In 2009 Fedwire originated $631 trillion in transfers. In comparison, in 2007, FedACH, the Fed's Automated Clearing House service, processed about 37 million transactions per day with an average aggregate value of about $58 billion.

The Federal Reserve Banks have been moving funds electronically since 1915. In 1918, the Banks established a proprietary telecommunications system to process funds transfers, connecting all 12 Reserve Banks, the Federal Reserve Board and the U.S. Treasury by telegraph. Treasury securities became transferable by telegraph in the 1920s. The system remained largely telegraphic until the early 1970s. Until 1981, Fedwire services were provided free and were available only to Federal Reserve member banks. The Depository Institutions Deregulation and Monetary Control Act of 1980 required most Federal Reserve Bank financial services to be priced, including funds transfers and securities safekeeping, and gave nonmember depository institutions direct access to these priced services.

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