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Keywords:Fedwire 

Report
The topology of interbank payment flows

We explore the network topology of the interbank payments transferred between commercial banks over the Fedwire Funds Service. We find that the network is compact despite low connectivity. The network includes a tightly connected core of money-center banks to which all other banks connect. The degree distribution is scale-free over a substantial range. We find that the properties of the network changed considerably in the immediate aftermath of the attacks of September 11, 2001.
Staff Reports , Paper 243

Working Paper
Fedwire Funds Service: Payments, Balances, and Available Liquidity

We analyze the universe of payments settled through the Fedwire Funds Service--the primary U.S. real-time gross settlement service operated by the Federal Reserve--for the period January 2004 to December 2020. We report on trends in payments volume, payments value, balances, and overdrafts, in addition to documenting changes in the behavior of financial institutions transacting via the Fedwire Funds Service.
Finance and Economics Discussion Series , Paper 2021-070

Report
Identifying term interbank loans from Fedwire payments data

Interbank markets for term maturities experienced great stress during the 2007-09 financial crisis, as illustrated by the behavior of the one- and three-month Libor. Despite widespread interest in these markets, little data is available on dollar interbank lending for maturities beyond overnight. We develop a methodology to infer information about individual term dollar interbank loans settled through the Fedwire Funds Service, the large-value bank payment system operated by the Federal Reserve Banks. We find a sharp increase in the dispersion of inferred term interbank interest rates, a ...
Staff Reports , Paper 603

Journal Article
Changes in the timing distribution of Fedwire funds transfers

The Federal Reserve's Fedwire funds transfer service - the biggest large-value payments system in the United States - has long displayed a peak of activity in the late afternoon. Theory suggests that the concentration of late-afternoon Fedwire activity reflects coordination among participating banks to reduce liquidity costs, delay costs, and credit risk; as these costs and risk change over time, payment timing most likely will be affected. This article seeks to quantify how the changing environment in which Fedwire operates has affected the timing of payment value transferred within the ...
Economic Policy Review , Volume 14 , Issue Sep , Pages 83-112

Report
The payment system benefits of high reserve balances

The policy measures taken since the financial crisis have greatly expanded the size of the Federal Reserve?s balance sheet and have thus raised the level of aggregate bank reserves as well. Over the same period there has been a significant shift in the timing of payments made over the Federal Reserve?s Fedwire Funds Service toward earlier settlement. This paper documents this timing change and presents regression results suggesting that the increase in overall reserve balances explains the vast majority of this development. The paper also discusses the benefits of high aggregate reserve ...
Staff Reports , Paper 779

Journal Article
All-electronic Fed ACH enhances origination and receipt functions

Financial Update , Issue Jul , Pages 4

Journal Article
Creating an integrated payment system: the evolution of Fedwire

Adapted from remarks given before the Seminar on Payment Systems in the European Union in Frankfurt, Germany, on February 27, 1997.
Economic Policy Review , Volume 3 , Issue Jul , Pages 1-7

Conference Paper
Payment risk, network risk, and the role of the Fed

Proceedings

Journal Article
Proposal to modify the procedures used for measuring Fedwire daylight overdrafts

Federal Reserve Bulletin , Issue Mar , Pages 174

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