Skip to content
◆ClearingPost

Fedwire Funds Service

FedwireACTIVE
Operator: Federal Reserve Banks
Overseer: Board of Governors of the Federal Reserve System
Legal basis: Federal Reserve Act (Section 11A), Federal Reserve Operating Circular No. 6
Launched: Jan 1, 1918
917,152 transactions (Q2 2026 avg)
Daily Volume
Jun 30, 2026 · Federal Reserve Financial Services
$4.830 trillion (Q2 2026 avg)
Daily Value
Jun 30, 2026 · Federal Reserve Financial Services
~6,000 participants
Participants
Jan 1, 2024 · Federal Reserve
Quick reference: View technical card →
Executive Summary

Fedwire Funds Service is the United States' Real-Time Gross Settlement system, operated by the Federal Reserve Banks. It is the backbone of the US financial system, averaging 917,152 transactions a day and $4.830 trillion in daily value in the second quarter of 2026. Fedwire provides immediate, final, and irrevocable settlement in central bank money (Federal Reserve balances). It is used for large-value interbank transfers, securities settlement, government payments, and as the final settlement mechanism for other payment systems including CHIPS and FedACH.

How It Works
Settlement Model
Real-Time Gross Settlement (RTGS)
Message Standard
ISO 20022 (migrated July 14, 2025 from proprietary Fedwire format; originally planned for March 10, 2025). Next release, including removal of the unstructured postal address format, rescheduled from November 2026 to November 2027 (announced August 27, 2026)
Max Transaction
No limit (individual transactions of $1B+ are routine)
Clearing Mechanism
Direct RTGS — no clearing layer. Each transaction is settled individually in real time.
Settlement Cycle
Operating hours: 21:00 ET (prior day) to 19:00 ET, weekdays. Cutoffs: 17:00 ET (tax payments), 18:45 ET (third-party transfers), 19:00 ET (bank-to-bank). Expansion to 22x6 hours (including Sundays and weekday holidays) confirmed for 2028-2029 implementation (announced October 9, 2025).
Message Flow
The sending depository institution submits a payment order to its Federal Reserve Bank via FedLine Direct or FedLine Advantage. The Federal Reserve debits the sender's account and credits the receiver's account simultaneously. Settlement is immediate, final, and irrevocable. The receiving institution is notified. Intraday credit (daylight overdraft) is available subject to limits and fees.
Typical Use Cases
Large-value interbank transfers, corporate treasury payments, securities settlement (DTC), CLS settlement, CHIPS final settlement, federal government payments, real estate closings
Key Data
Daily Volume
917,152 transactions (Q2 2026 avg)
As of Jun 30, 2026 · Federal Reserve Financial Services
Daily Value
$4.830 trillion (Q2 2026 avg)
As of Jun 30, 2026 · Federal Reserve Financial Services
Participants
~6,000 participants
As of Jan 1, 2024 · Federal Reserve
Participants & Access
Membership Requirements
Open to depository institutions that maintain a Federal Reserve account (Federal Reserve master account). Foreign banking organizations may participate through US branches/agencies.
Governance & Risk
Governance Model
Operated by the Federal Reserve Banks under the authority of the Board of Governors. Operating Circular No. 6 governs terms of service. Changes follow a public notice and comment process.
Concentration Risk
Highest systemic importance of any US payment system. Designated as systemically important by the Financial Stability Oversight Council (FSOC). Failure would have catastrophic effects on US and global financial markets.
Resilience & Business Continuity
Multi-site architecture with geographic separation. Regular contingency testing. FedLine provides redundant connectivity. Daylight overdraft facilities ensure liquidity. Extended operating hours reduce time pressure.
Dispute Resolution
Governed by Operating Circular No. 6 and Regulation J (Subpart B). Disputes over unauthorized transfers follow UCC Article 4A provisions.
Pricing
Fedwire pricing follows a fee schedule published by the Federal Reserve. Fees include per-transfer charges, offline surcharges, and account maintenance fees.
Transaction fee: $0.82 per transfer (online, 2024 fee schedule)
Source: Federal Reserve
Connectivity
settles for
CHIPS
CHIPS daily net settlement positions are settled via Fedwire
settles for
FedACH / Nacha
FedACH settlement balances are posted to Federal Reserve accounts
operated alongside
FedNow
FedNow and Fedwire are both operated by the Federal Reserve, using the same master accounts
Peer Comparison
Fedwire is the US equivalent of T2 (eurozone) and CHAPS (UK). By daily value, Fedwire ($4T+) exceeds CHAPS (~£400B) but is comparable to T2 (~€2.1T). Fedwire's March 2025 ISO 20022 migration aligned it with T2 (migrated March 2023) and CHAPS (migrated June 2023). Planned 22-hour operating day will approach T2's extended hours.
T2 / TARGET
RTGS · Eurozone · ECB / Eurosystem
CHAPS
RTGS · United Kingdom · Bank of England
Compare in detail →
Regulatory Framework
unsourced dateJun 30, 2028
Fedwire extended operating hours
The Federal Reserve Board announced on 9 October 2025 that the Fedwire Funds Service and the National Settlement Service will operate Sunday through Friday, including weekday holidays, with the same daily hours (Fedwire Funds 22 hours a day), implemented no earlier than 2028.
Timeline
Stored date May 31, 2027; precision not reviewed
Fedwire maintenance: Memorial Day holiday closure maintenance window recorded
Memorial Day holiday closure — 2027-05-31 00:00–23:59 America/New_York (full outage). Recorded by ClearingPost on 2026-09-17.
Source
Stored date Jan 1, 2027; precision not reviewed
Fedwire maintenance: New Year's Day holiday closure maintenance window recorded
New Year's Day holiday closure — 2027-01-01 00:00–23:59 America/New_York (full outage). Recorded by ClearingPost on 2026-09-15.
Source
Stored date Dec 25, 2026; precision not reviewed
Fedwire maintenance schedule updated maintenance window recorded
Verified 2026-09-21 from the FRB Services Holiday Schedules page ('A listing of the 2026 - 2030 Holiday Schedule'). It lists Christmas Day on December 25 in the 2026 column with no footnote marker. 25 December 2026 is a Friday.
Source
Stored date Nov 26, 2026; precision not reviewed
Fedwire maintenance schedule updated maintenance window recorded
Verified 2026-09-21 from the FRB Services Holiday Schedules page ('A listing of the 2026 - 2030 Holiday Schedule'). It lists Thanksgiving Day on November 26 in the 2026 column. 26 November 2026 is a Thursday. Registered date and closure confirmed unchanged..
Source
Stored date Nov 11, 2026; precision not reviewed
Fedwire maintenance schedule updated maintenance window recorded
Verified 2026-09-21 from the FRB Services Holiday Schedules page, which gives 'the standard holiday schedules for Federal Reserve Financial Services' as 'A listing of the 2026 - 2030 Holiday Schedule'. It lists Veterans Day on November 11 in the 2026 column.
Source
Stored date Oct 12, 2026; precision not reviewed
Fedwire maintenance schedule updated maintenance window recorded
As of 2026-09-07, per FRB Services Dates to Remember: 'Federal Reserve Financial Services (excluding the FedNow Service) will close for the Indigenous Peoples' Day/Columbus Day holiday' on October 12, 2026. FedNow continues to operate on federal holidays.
Source
Stored date Sep 7, 2026; precision not reviewed
Fedwire maintenance schedule updated maintenance window recorded
As of 2026-09-03, per FRB Services Dates to Remember: 'Federal Reserve Financial Services (excluding the FedNow Service) will close for the Labor Day holiday' on September 7, 2026. Unchanged since 2026-05-27. FedNow continues to operate on federal holidays..
Source
Stored date Sep 7, 2026; precision not reviewed
Fedwire maintenance schedule updated maintenance window recorded
completed. Recorded by ClearingPost on 2026-09-08.
Source
Stored date Aug 27, 2026; precision not reviewed
Fedwire subsystem record updated
Fedwire subsystem record changed from ISO 20022 (migrated July 14, 2025 from proprietary Fedwire format; originally planned for March 10, 2025) to ISO 20022 (migrated July 14, 2025 from proprietary Fedwire format; originally planned for March 10, 2025).
Source
Stored date Jun 30, 2026; precision not reviewed
Fedwire average daily transactions increased to 917,152 (Q2 2026 avg)
Fedwire average daily transactions changed from 869,187 (2025 avg) to 917,152 (Q2 2026 avg). Recorded by ClearingPost on 2026-07-27.
Source
Stored date Jun 30, 2026; precision not reviewed
Fedwire average daily value increased to $4.830T (Q2 2026 avg)
Fedwire average daily value changed from $4.593T (2025 avg) to $4.830T (Q2 2026 avg). Recorded by ClearingPost on 2026-07-27.
Source
Stored date Jun 30, 2026; precision not reviewed
Fedwire daily transaction volume increased to ~917,000 transactions
Fedwire daily transaction volume changed from ~869,000 transactions (as of 2025-01-01) to ~917,000 transactions (as of 2026-06-30) (approximate). Recorded by ClearingPost on 2026-07-27.
Source
Stored date Jun 30, 2026; precision not reviewed
Fedwire daily transaction value increased to ~$4.83 trillion
Fedwire daily transaction value changed from ~$4.59 trillion (as of 2025-01-01) to ~$4.83 trillion (as of 2026-06-30) (approximate). Recorded by ClearingPost on 2026-07-27.
Source
Stored date Jun 30, 2026; precision not reviewed
Fedwire subsystem record increased to 917,152 transactions (Q2 2026 avg)
Fedwire subsystem record changed from 869,187 transactions (2025 avg) (as of 2025-12-31) to 917,152 transactions (Q2 2026 avg) (as of 2026-06-30). Recorded by ClearingPost on 2026-07-30.
Source
Stored date Jun 30, 2026; precision not reviewed
Fedwire subsystem record increased to $4.830 trillion (Q2 2026 avg)
Fedwire subsystem record changed from $4.593 trillion (2025 avg) (as of 2025-12-31) to $4.830 trillion (Q2 2026 avg) (as of 2026-06-30). Recorded by ClearingPost on 2026-07-30.
Source
Stored date Jun 30, 2026; precision not reviewed
Fedwire subsystem record updated
Fedwire subsystem record changed from Fedwire Funds Service is the United States' Real-Time Gross Settlement system, operated by the Federal Reserve Banks.
Source
Stored date Mar 10, 2025; precision not reviewed
Fedwire ISO 20022 big-bang cutover
Federal Reserve completed the single-day cutover of Fedwire Funds Service from proprietary format to ISO 20022 messaging on March 10, 2025.
Source
Date not specified
Fedwire maintenance: Martin Luther King Jr. Day holiday closure maintenance window recorded
Martin Luther King Jr. Day holiday closure — 2027-01-18 00:00–23:59 America/New_York (full outage). Recorded by ClearingPost on 2026-09-13.
Source
Date not specified
Fedwire maintenance: Washington's Birthday (Presidents Day) holiday closure maintenance window recorded
Washington's Birthday (Presidents Day) holiday closure — 2027-02-15 00:00–23:59 America/New_York (full outage). Recorded by ClearingPost on 2026-09-13.
Source
Date not specified
Reference document updated: Federal Reserve Operating Circular No. 6 (Fedwire Funds)
2026-09-16 (previously 2026-09-15). Recorded by ClearingPost on 2026-09-17.
Source
Date not specified
Fedwire maintenance: Independence Day (observed) holiday closure maintenance window recorded
Independence Day (observed) holiday closure — 2027-07-05 00:00–23:59 America/New_York (full outage). Recorded by ClearingPost on 2026-09-17.
Source
Date not specified
Fedwire maintenance: Labor Day holiday closure maintenance window recorded
Labor Day holiday closure — 2027-09-06 00:00–23:59 America/New_York (full outage). Recorded by ClearingPost on 2026-09-17.
Source
Date not specified
Fedwire maintenance: Columbus Day holiday closure maintenance window recorded
Columbus Day holiday closure — 2027-10-11 00:00–23:59 America/New_York (full outage). Recorded by ClearingPost on 2026-09-17.
Source
Date not specified
Fedwire maintenance: Veterans Day holiday closure maintenance window recorded
Veterans Day holiday closure — 2027-11-11 00:00–23:59 America/New_York (full outage). Recorded by ClearingPost on 2026-09-17.
Source
Date not specified
Fedwire maintenance: Thanksgiving Day holiday closure maintenance window recorded
Thanksgiving Day holiday closure — 2027-11-25 00:00–23:59 America/New_York (full outage). Recorded by ClearingPost on 2026-09-17.
Source
Date not specified
Fedwire maintenance schedule updated maintenance window recorded
Independence Day 2027 falls on Sunday 4 July. The Federal Reserve holiday schedule marks the date with the Sunday footnote: for holidays falling on Sunday, Federal Reserve Banks and Branches will be closed the following Monday.
Source
Intelligence (13)
NewsSep 2, 2026Headline names “Fedwire”
Fed Reschedules Fedwire Funds Service November 2026 Release to November 2027
Fedwire's next message-format update slips twelve months as the Fed lines up with peer market infrastructures on timing.
Operator source · Federal Reserve Financial Services
AnalysisMay 27, 2026Headline names “Fedwire”
Three US Policy Tracks Converge on Non-Bank Access to Fedwire and FedNow
A White House executive order, a Federal Reserve Board rulemaking, and bipartisan legislation are independently advancing non-bank access to Fed payment services, creating the most concrete pressure for structural change since the 2023 master account guidelines.
External source · White House
NewsMay 22, 2026Headline names “Fedwire”
Federal Reserve Proposes Limited Payment Accounts for Non-Bank Access to Fedwire and FedNow
The Board approved the proposal 6-1, with Governor Michael Barr dissenting on grounds that the framework lacks sufficient anti-money laundering safeguards.
External source · American Banker
AnalysisMay 15, 2026Headline names “Fedwire”
Fedwire and CHIPS Both Start Q1 2026 Above 2025 Baselines
First-quarter 2026 data from the Federal Reserve and The Clearing House shows both Fedwire and CHIPS running above their 2025 daily averages, with CHIPS posting stronger relative gains in settled value.
Operator source · Federal Reserve Financial Services
AnalysisMay 8, 2026Summary names “Fedwire”
Baker McKenzie Flags Preemption Gap in PACE Act as Bill Seeks to Open Fed Payment Rails to Non-Banks
H.R. 8395, introduced April 21 by Representatives Kim and Liccardo, would let non-bank firms registered with the OCC access Fedwire, FedNow, and FedACH directly, but lacks an express preemption clause and leaves unclear whether 40-state licensing requirements persist after federal registration.
External source · Baker McKenzie
AnalysisApr 29, 2026Summary names “Fedwire”
Waller Proposes Consolidating Federal Reserve Bank Operations Under Two Models
The Federal Reserve Banks collectively operate the Fedwire Funds Service and FedNow Service as part of their technology infrastructure.
External source · Federal Reserve
AnalysisApr 27, 2026Headline names “Fedwire”
Fedwire and CHIPS Settle Combined $6.9 Trillion Daily in Q1 2026
Q1 2026 data from the Federal Reserve and The Clearing House show both US large-value payment systems running above their 2025 full-year averages. CHIPS volume growth has outpaced Fedwire for the second consecutive year.
Operator source · Federal Reserve Financial Services
NewsApr 22, 2026Headline names “Fedwire”
Bipartisan PACE Act Would Open Fedwire, FedNow, and FedACH to Nonbank Payment Providers
Covered providers must maintain reserves equal to 100% of customer funds. Consumer funds must be segregated from company assets and cannot be reused or placed at risk.
External source · Office of Rep. Sam Liccardo
AnalysisApr 1, 2026Headline names “Fedwire”
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.
External source · Federal Register
AnalysisMar 26, 2026Headline names “Fedwire”
Fedwire's 22x6 Expansion: Near-Continuous USD Settlement Targeted for 2028-2029
The Federal Reserve's decision to extend Fedwire Funds Service to 22 hours per day, six days per week positions the United States to close structural gaps in global USD settlement availability, with direct implications for CHIPS netting cycles and cross-border payment flows across Asian and European time zones.
External source · Federal Reserve Board
View all →
Wider coverage that mentions Fedwire (11)

These articles mention Fedwire in their text but not in their headline or summary, so they are listed as context rather than as Fedwire intelligence.

Jul 2, 2026Text mentions “Fedwire”
House Financial Services Committee Debates Fintech Access to Federal Reserve Payment Systems
External source · House Financial Services Committee
Jun 26, 2026Text mentions “Fedwire”
House Financial Services Committee Debates PACE Act to Open Fed Payment Rails to Nonbanks
External source · Office of Rep. Young Kim
Jun 5, 2026Text mentions “Fedwire”
CHIPS Crosses $2 Trillion in Daily Value as Huntington Joins Network
External source · The Clearing House
May 1, 2026Text mentions “Fedwire”
PACE Act Proposes Direct Federal Reserve Payment Access for Licensed Nonbank Firms
External source · PYMNTS
Apr 7, 2026Text mentions “Fedwire”
US Treasury Issues First GENIUS Act NPRM as Three-Agency Stablecoin Framework Takes Shape
External source · US Department of the Treasury
Apr 3, 2026Text mentions “Fedwire”
Fed's Kraken Pilot and Payment Account Proposal Redraw US Settlement Access for Nonbanks
External source · Kraken
Mar 23, 2026Text mentions “Fedwire”
SWIFT Structured Address Mandate Looms as Industry Surveys Reveal a Third of Payment Providers Unprepared
External source · SWIFT
Mar 11, 2026Text mentions “Fedwire”
RTGS, ACH, and Fast Payment Systems: A Practitioner's Guide to Payment Rails
External source · BIS CPMI
Mar 11, 2026Text mentions “Fedwire”
DNS, RTGS, and Hybrid Settlement: How Payment Systems Actually Clear and Settle
External source · BIS CPMI
Mar 5, 2026Text mentions “Fedwire”
ISO 20022 Migration Tracker: Who's Migrated, Who's Next
External source · SWIFT
Reference Documents (2)
Federal Reserve Operating Circular No. 6 (Fedwire Funds)
Federal Reserve · operating_rules · vJanuary 2026 · Jan 5, 2026
2 versions tracked
CBPR+ Roadmap Beyond November 2025External reference · SWIFT
SWIFT · regulatory_text · vJune 2026
The document record does not show the Fedwire operator as its publisher and does not name Fedwire, so its dates are not shown as Fedwire dates.
2 versions tracked
Related Systems
FedNow ServiceFedNow
Federal Reserve Banks
Real-Time PaymentsRTP
The Clearing House (TCH)
Clearing House Interbank Payments SystemCHIPS
The Clearing House (TCH)
FedACH / ACH NetworkFedACH
Federal Reserve Banks (FedACH), Nacha (network rules)
US Payment Infrastructure OverviewUS Payments
Federal Reserve Banks (Fedwire, FedACH, FedNow), The Clearing House (CHIPS, RTP, EPN)
Zelle P2P NetworkZelle
Early Warning Services, LLC (owned by seven US banks: Bank of America, Capital One, JPMorgan Chase, PNC, Truist, U.S. Bank, Wells Fargo)
Electronic Payments NetworkEPN
The Clearing House (TCH)
← Back to US Payments