Bank Wire

Computerized message system owned and administered by participating banks. It provides information about loan participations, securities transactions, Federal Reserve System funds borrowings, credit history, the payment or nonpayment of "wire fate" items, and other essential matters requiring prompt communication. See also Electronic Funds Transfer (EFT).

Electronic payment service for transfer of high-value payments between banks when prompt communication and immediate transfer of funds are important. A bank wire payment, also called a Wire Transfer moves through the Federal Reserve's Federal Wire (Fed Wire) network.

See alsoAutomated Clearing House; Clearing House Interbank Payments System.