Fedwire
Sign in to saveAlso known as Federal Reserve Wire Network, Fedwire Funds Service
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 (). Transfers can only be initiated by the sending bank once they receive the proper wiring instructions for the receiving bank. These instructions include: the receiving bank's routing number, account number, recipient's name and dollar amount being transferred. This information is submitted to the Federal Reserve via the
In the Vinony graph
Vinony's link graph records 40 inbound references to Fedwire, and connects out to United States Department of the Treasury, United States and International Standard Book Number.
It sits within the topics Federal Reserve System, Interbank networks and Real-time gross settlement.
Vinony links it to 5 Wikipedia language editions.
Wikidata facts
- Instance of
- real-time gross settlement
- Country
- United States
- Operator
- Federal Reserve System
- Official website
- www.frbservices.org/financial-services/wires
Show 1 more fact
- name in kana
- ふぇどわいやー
Sources (1)
via Wikidata · CC0
~5 min read
Encyclopedic overview
4 sectionsContents
- History
- See also
- References
- External links
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 (). Transfers can only be initiated by the sending bank once they receive the proper wiring instructions for the receiving bank. These instructions include: the receiving bank's routing number, account number, recipient's name and dollar amount being transferred. This information is submitted to the Federal Reserve via the Fedwire system. Once the instructions are received and processed, the Fed will debit the funds from the sending bank's reserve account and credit the receiving bank's account. Wire transfers sent via Fedwire are completed the same business day, with many being completed instantly.
In conjunction with Clearing House Interbank Payments System (CHIPS), Fedwire is the primary U.S. network for large-value or time-critical domestic and international payments. Fedwire is designed to be highly resilient.
Excerpted from Wikipedia’s “Fedwire” article, available under the CC BY-SA 4.0 licence.