Dictionary of Banking Terms: wire transfer
wire transfer
order to pay funds electronically by wire or telephone instruction, usually involving a large dollar payment. For example, the Federal Reserve Wire Network( federal wire), and the Clearing House Interbank Payments System (CHIPS) are wire transfer payment systems. The Federal Reserve Wire Network links Federal Reserve offices, depository institutions, the U.S. Treasury, and other government agencies. It transfers funds, U.S. government securities, and Federal Reserve administrative, supervisory, and monetary policy messages.
