Fedwire Funds Service processed an average of 886,000 transfers per day during Q1 2026. Daily settlement value averaged $4.65 trillion. Both metrics exceeded the 2025 full-year averages of 869,187 transfers and $4.593 trillion. March reached 906,477 daily transfers at $4.749 trillion, the strongest month of the quarter.
CHIPS averaged 666,077 transactions per day in Q1 2026. Daily value averaged $2.237 trillion. Volume ran 5.3% above the 2025 full-year average of 632,419 transactions. Value ran 11.1% above the 2025 average of $2.014 trillion. Combined daily settlement across both systems reached approximately $6.9 trillion.
CHIPS has outpaced Fedwire in volume growth for two consecutive years. CHIPS volume rose 11.8% in 2025 compared to 3.9% at Fedwire. Q1 2026 sustained the gap, with CHIPS running 5.3% above its 2025 pace versus 1.9% at Fedwire. CHIPS handles approximately 95% of international USD payments in the US. The volume divergence suggests faster growth in cross-border dollar clearing relative to domestic large-value settlement.