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Fedwire (formerly known as the Federal Reserve Wire Network) is a real-time gross settlement funds transfer system operated by the United States Federal Reserve Banks that allows financial institutions to electronically transfer funds between its more than 9,289 participants (as of March 19, 2009). [1]
The Clearing House Interbank Payments System (CHIPS) is a United States private clearing house for large-value wire transfer transactions. [ 1 ] As of late 2024, it settles approximately 500,000 payments totaling US$1.8 trillion per day. [ 2 ]
Central bank wire transfer systems, such as the Federal Reserve ' s Fedwire system in the United States, are more likely to be real-time gross settlement (RTGS) systems, as they provide the quickest availability of funds. This is because they post the gross (complete) entry against electronic accounts of the wire transfer system operator.
The first system that had the attributes of an RTGS system was the US Fedwire system which was launched in 1970. This was based on a previous method of transferring funds electronically between US federal reserve banks via telegraph. The United Kingdom and France both independently developed RTGS type systems in 1984.
A wire transfer is a method of sending money to someone at another bank domestically, or internationally, through a service such as the Federal Reserve Wire Network.
National Bank of Ukraine's System of Electronic Payments [42] United Kingdom: Bacs Payment Schemes Limited United States: Federal Reserve Bank's FedACH and The Clearing House's Electronic Payments Network, underpinned by Nacha's ACH Network Venezuela: Cámera de Compensación Electrónica (CCE) [43] Vietnam
FedACH is the Federal Reserve Banks' automated clearing house (ACH) service. In 2007, FedACH processed about 37 million transactions per day with an average aggregate value of about $58 billion. For comparison, Fedwire processed about 537,000 transactions valued at nearly $2.7 trillion per day in the same year. [1]
The prefix and the Federal Reserve Routing Symbol (XXXX) are determined by the bank's geographical location and treatment by the Federal Reserve type, while the remaining data (YYYY, and Branch number, if present) depends on the specific bank, and are unique within a Federal Reserve district.