Fedwire Joins Global Push for Near-Continuous RTGS Settlement

The Federal Reserve's confirmed expansion of Fedwire to 22 hours per day across six days per week, planned for implementation from 2028, adds the United States to a growing list of jurisdictions extending large-value settlement windows beyond traditional banking hours.

The Federal Reserve Board confirmed on October 9, 2025, that the Fedwire Funds Service will expand to a 22-hour daily window across six days per week. The expanded schedule will include Sundays and weekday federal holidays for the first time. A final rule published in the Federal Register on November 17, 2025, set the implementation date for no earlier than 2028. The current Fedwire schedule operates 22 hours on weekdays, from 21:00 ET the prior evening through 19:00 ET. Weekends and federal holidays currently have no Fedwire settlement capability.

The expansion carries direct implications for CHIPS, which relies on Fedwire for final settlement of daily net positions. CHIPS today serves 42 direct participants. Those participants process approximately 95 percent of all international USD payments in the United States. Sunday and holiday Fedwire availability would enable CHIPS to consider extending its own operating schedule, reducing overnight and weekend queuing periods for cross-border dollar transactions.

Other major central banks are making parallel moves. The European Central Bank opened a public consultation in June 2025 on extending TARGET2 operating hours toward continuous settlement. The Bank of England confirmed in early 2026 that CHAPS settlement will begin at 1:30 AM from 2027 onward. Approximately 6,000 institutions currently access Fedwire. The expanded hours will reduce time-zone friction for these participants' international counterparties, aligning US settlement infrastructure with the direction set by Europe's two largest RTGS systems.