abstract: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).Fedwire Participant Directory 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.
While total Fed earnings include fees for services like check clearing and wire transfers provided to depository institutions, the bulk of the earnings come from interest on loans and securities acquired as a by-product of its monetary policy.