Fedwire


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Fedwire

A wire transfer system for high-value payments operated by the Federal Reserve System.

Fed Wire

An electronic system allowing the quick transfer of funds and securities between banks. The fed wire exists to settle large transactions between banks so that they can continue to extend credit to each other and to customers. It is operated by the Federal Reserve and is more formally known as the Federal Reserve Wire Network. See also: Real-time gross settlement system (RTGSS).
References in periodicals archive ?
Effective payment screening capabilities to process ACH, SWIFT, ISO2022 and FedWire Formats
Users can now screen all transaction formats, including SEPA (Single European Payments Area) and Fedwire payments, and transactions sent over networks other than SWIFT.
In addition to this, local clearing formats like NACHA, FEDWIRE, SEPA, FPS, etc.
The proliferation of real-time gross settlement (RTGS) (such as Fedwire,[R] which is operated by the Federal Reserve Banks), or equivalent payment mechanisms, to achieve intraday finality of settlement;
Fedwire transactions originate from financial institutions under FRBNY's jurisdiction.
For example, for a repo collateralized by Treasury securities, the collateral provider could instruct its custodian bank to deliver the appropriate securities to the cash provider's custodian bank through the Fedwire Securities Service.
The reverse Fedwire option is expensive for TriNet's employers--$15 to $20 a pop--so TriNet encourages ACH debit.
90 per year, expands on basic options with the addition of outbound credit card payments, Fedwire settlements, recurring invoicing and payments, more advanced reporting, and the ability to support up to 5 users.
based financial institutions because it would classify certain transfer services--such as Fedwire and ACH--as remittance services and make institutions that provide them liable for disclosing all costs up front.
3, a new browser-based system for financial institutions to execute both real-time foreign exchange and domestic Fedwire payments.
For electronic payments, a comparison between January 2008 and January 2009 volumes of Fedwire--the real-time electronic transfer system operated by the Fed--revealed that the number of Fedwires declined by 7.
In 2005, the average daily value of Fedwire fund transfers--the primary means by which banks transfer funds to one another--was approximately $2 trillion; that is, nearly 50 times the quantity of reserves.