IT Examiner School, Seaside, CA

Wire Transfer Review

Wire transfers provide immediate and irrevocable transfer of funds.

Wire Transfers can be classified into two groups:

• Wholesale

• Retail

Wire Transfer System Types

• Wholesale

• Retail

– Are large volume/high dollar systems with international payment processing capabilities. – Include Fedwire, SWIFT, and CHIPS – Are used primarily by larger commercial banks.

– Are typically smaller volume transactions. – Include Fedline Advantage, correspondent banks, and banker’s banks systems.