The Federal Reserve System created Fedwire, an electronic interbank funds-transfer network launched in 1918.
Fedwire began as a telegraph-based communications network connecting Federal Reserve offices. It allowed member banks to transfer reserve balances rapidly, replacing slower methods that depended on physical checks and other paper instruments.
The network became an important foundation for modern wholesale payments in the United States. Its technology evolved from telegraph circuits to computerized systems, while its central purpose remained the secure transfer of high-value funds between eligible institutions.
Fedwire is not the same as the consumer payment service FedNow, which the Federal Reserve launched in 2023 for faster retail payments. Fedwire primarily serves financial institutions and large-value transactions.