IT Examiner School, Providence, RI

Wire Transfer Overview

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

Are typically smaller  volume transactions

Include Fedline Advantage,  correspondent banks,  and banker’s banks  systems

Include Fedwire,  SWIFT, and CHIPS

Are used primarily by  larger commercial banks