Skip to content
◆ClearingPost

US Payment Infrastructure Overview

US PaymentsACTIVE
Operator: Federal Reserve Banks (Fedwire, FedACH, FedNow), The Clearing House (CHIPS, RTP, EPN)
Overseer: Board of Governors of the Federal Reserve System, Financial Stability Oversight Council (FSOC)
Legal basis: Federal Reserve Act, Dodd-Frank Act (Title VIII for FMU designation), Electronic Fund Transfer Act, UCC Article 4A
Launched: Jan 1, 1918
Quick reference: View technical card →
Executive Summary

The United States operates a unique dual-operator payment infrastructure model. The Federal Reserve provides Fedwire (RTGS), FedACH (batch), and FedNow (instant) — the public-sector rails. The Clearing House, owned by 22 major banks, operates CHIPS (large-value netting), RTP (instant), and EPN (batch ACH) — the private-sector rails. This creates competition and redundancy at every layer: RTGS (Fedwire), netting (CHIPS), batch (FedACH vs EPN), and instant (FedNow vs RTP). The regulatory framework involves the Federal Reserve, OCC, FDIC, CFPB, and state regulators.

How It Works
Settlement Model
Mixed: RTGS (Fedwire), Hybrid netting (CHIPS), DNS (ACH), RTGS/Prefunded (FedNow/RTP)
Message Standard
ISO 20022 for Fedwire (March 2025), CHIPS (April 2025), FedNow (native), RTP (native). ACH uses Nacha format.
Max Transaction
Fedwire: No limit. CHIPS: No limit. FedNow: $10M. RTP: $10M. ACH: $1M (Same-Day).
Clearing Mechanism
Multiple: direct RTGS (Fedwire), netting (CHIPS), batch clearing (FedACH/EPN), instant settlement (FedNow/RTP)
Settlement Cycle
Varies by system: Fedwire operates ~21 hours/day weekdays. FedNow and RTP operate 24/7/365. ACH processes multiple daily windows. CHIPS operates during NY business hours.
Message Flow
Payment flows depend on the rail: large-value payments typically route through Fedwire or CHIPS. Retail payments use ACH (batch) or FedNow/RTP (instant). Cross-border USD payments primarily flow through CHIPS and correspondent banking. All rails ultimately settle in Federal Reserve balances.
Typical Use Cases
Comprehensive: interbank settlement, corporate treasury, payroll, consumer transfers, government payments, cross-border USD clearing
Participants & Access
Membership Requirements
Federal Reserve systems: open to institutions with Federal Reserve master accounts. TCH systems: participation criteria set by TCH. Universal reach through correspondent banking.
Governance & Risk
Governance Model
Dual governance: Federal Reserve (public, statutory mandate) and The Clearing House (private, owned by 22 banks). Nacha provides rules for the ACH network. FSOC designates systemically important FMUs. State and federal banking regulators oversee participants.
Concentration Risk
Systemic concentration at the Federal Reserve account level — all systems ultimately settle in Fed balances. The dual-operator model provides competition but both operators are deeply interconnected.
Resilience & Business Continuity
The dual-operator model provides structural resilience. If TCH systems experience issues, Federal Reserve systems can continue (and vice versa). Multiple settlement windows and real-time alternatives reduce systemic pressure.
Dispute Resolution
Varies by system: UCC Article 4A (Fedwire), Nacha Operating Rules (ACH), specific operating rules (FedNow, RTP, CHIPS). Consumer protections under Regulation E (EFTA) and Regulation Z (TILA).
Connectivity
includes
Fedwire
Fedwire Funds Service — RTGS for large-value USD payments
includes
FedNow
FedNow — Federal Reserve instant payment service
includes
FedACH / Nacha
FedACH — Federal Reserve batch ACH operator
includes
CHIPS
CHIPS — large-value USD netting system (TCH)
includes
RTP
RTP — instant payment network (TCH)
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 (5)
Federal Reserve Operating Circular No. 6 (Fedwire Funds)
Federal Reserve · operating_rules · vJanuary 2026 · Jan 5, 2026
2 versions tracked
Federal Reserve Operating Circular No. 8 (FedNow Service)
Federal Reserve · operating_rules · vApril 2026 · Federal Reserve date: Apr 1, 2026
2 versions tracked
FedNow Service Operating Procedures
Federal Reserve · operating_rules · vVersion 3.6 (April 2026) · Federal Reserve date: Apr 28, 2026
2 versions tracked
RTP System Operating Rules
The Clearing House · operating_rules · vEffective 06-01-2026 · The Clearing House date: Jun 1, 2026
4 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
Fedwire Funds ServiceFedwire
Federal Reserve Banks
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)
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