Fedwire Statistics 2026
By Axis Intelligence Research
Co-author: Sarah Davis | Last updated: August 25, 2026 | License: CC BY 4.0
The Federal Reserve operates two Fedwire services, and almost every article written about “Fedwire” covers one of them. In 2025 the Funds Service and the Securities Service together originated 249,254,127 transfers worth $1,807,345,589 million — $1.81 quadrillion. According to Axis Intelligence Research, the central-bank intraday credit required to move that value has fallen 96.9% per settled dollar since 2008.
Quick Answer
The Fedwire Funds Service originated 217,296,700 transfers worth $1,148.27 trillion in 2025; the Fedwire Securities Service originated 31,957,427 book-entry transfers worth $659.08 trillion (Federal Reserve, last updated January 26, 2026). Combined average daily settled value was $7.229 trillion. According to Axis Intelligence Research, the Fedwire Intraday Credit Intensity (FICI) — peak daylight overdrafts as basis points of daily Fedwire settlement — reads 11.30 bps for 2025, against 360.96 bps in 2008.
Key Findings
- According to Federal Reserve Financial Services statistics last updated January 26, 2026, the Fedwire Securities Service originated 31,957,427 transfers valued at $659,078,322 million in 2025, up 9.1% in volume and 18.8% in value.
- According to Axis Intelligence Research, the Fedwire Securities Service carried 57.40% of the Fedwire Funds Service’s dollar value in 2025 on just 14.71% of its transfer count — an average book-entry ticket of $20.62 million against $5.28 million on the funds side.
- According to Axis Intelligence Research, the Fedwire Intraday Credit Intensity reads 11.30 basis points for 2025 against 360.96 basis points for 2008: the system now settles a dollar on roughly one thirty-second of the central-bank intraday credit it needed before the financial crisis.
- According to Federal Reserve Board payment-system-risk data updated April 16, 2026, average peak daylight overdrafts fell to $6.20 billion in the fourth quarter of 2025, of which $5.68 billion — 92% of that quarter’s peak — arose from book-entry securities activity rather than funds transfers.
- According to Axis Intelligence Research, combined Fedwire value in 2025 equalled 58.75 times US nominal GDP, meaning the entire measured output of the American economy passes across the two Fedwire rails roughly once every 4.3 business days.
How Big Is Fedwire in 2026?
Fedwire is not one system. It is two, and they answer to different masters.
The Fedwire Funds Service is the real-time gross settlement rail for large-value dollar payments. The Fedwire Securities Service is the book-entry depository and settlement system for Treasury, agency, GSE and certain international-organisation securities. They share a brand, a set of participant accounts and an operating calendar. They share almost nothing else — different hours, different fee schedules, different growth curves, and, as the intraday credit data shows, radically different risk profiles.
Together, in 2025, they moved $1,807,345,589 million. Written out, that is one quadrillion, eight hundred seven trillion dollars.
Fedwire Funds Service vs Fedwire Securities Service, 2025
| Measure | Funds Service | Securities Service | Securities as % of Funds | Source |
|---|---|---|---|---|
| Transfers originated | 217,296,700 | 31,957,427 | 14.71% | Federal Reserve |
| Value originated ($ millions) | 1,148,267,267 | 659,078,322 | 57.40% | Federal Reserve |
| Volume growth, 2025 | +3.5% | +9.1% | — | Federal Reserve |
| Value growth, 2025 | +1.3% | +18.8% | — | Federal Reserve |
| Average value per transfer | $5.28M | $20.62M | 390% (3.90x) | Federal Reserve |
| Average daily volume | 869,187 | 127,830 | 14.71% | Federal Reserve |
| Average daily value ($ millions) | 4,593,069 | 2,636,313 | 57.40% | Federal Reserve |
| Securities held in custody, year end | — | $118,677,480M | — | Federal Reserve |
Sources: Fedwire Funds Service annual statistics and Fedwire Securities Service annual statistics, Federal Reserve Financial Services, both last updated January 26, 2026, retrieved August 25, 2026. Ratios calculated by Axis Intelligence Research.
Look at the growth columns rather than the levels. Funds value grew 1.3% in 2025. Securities value grew 18.8% — more than fourteen times faster. Over the four years from 2021 to 2025, funds value rose 15.77% while securities value rose 112.04%. The half of Fedwire that nobody writes about is the half that is actually moving.
Sarah Davis: The securities leg is not a payments story, which is exactly why payments coverage drops it. It is a collateral story. Every repo leg, every Treasury settlement, every margin movement in the world’s deepest government bond market lands as a book-entry transfer against a Fed account. When federal debt outstanding grows and dealer balance sheets turn it over faster, this line grows. The funds line does not care about any of that. Treating them as one number produces an average that describes neither.
How Much Money Moves Through Fedwire Each Day?
Combined average daily settled value in 2025 was $7,229,382 million — $7.229 trillion a business day. The Funds Service accounted for 63.53% and the Securities Service 36.47%, a split calculated by Axis Intelligence Research from the Fed’s own average-daily columns.
Fedwire Combined Value Against US GDP
| Year | Funds value ($M) | Securities value ($M) | Combined ($ trillions) | US nominal GDP ($ trillions) | Turnover multiple | Source |
|---|---|---|---|---|---|---|
| 2021 | 991,810,545 | 310,827,220 | 1,302.64 | 23.726 | 54.90x | Federal Reserve; BEA |
| 2022 | 1,060,257,294 | 341,806,733 | 1,402.06 | 26.055 | 53.81x | Federal Reserve; BEA |
| 2023 | 1,087,195,950 | 434,469,882 | 1,521.67 | 27.812 | 54.71x | Federal Reserve; BEA |
| 2024 | 1,133,419,684 | 554,727,113 | 1,688.15 | 29.298 | 57.62x | Federal Reserve; BEA |
| 2025 | 1,148,267,267 | 659,078,322 | 1,807.35 | 30.762 | 58.75x | Federal Reserve; BEA |
Fedwire figures from Federal Reserve Financial Services. Nominal GDP from the Bureau of Economic Analysis annual series (A191RC), retrieved via FRED, updated April 9, 2026. Turnover multiples calculated by Axis Intelligence Research.
According to Axis Intelligence Research, combined Fedwire value ran at 58.75 times US nominal GDP in 2025. Against roughly 250 Fedwire business days, an amount equal to annual US output crosses the two rails every 4.3 business days. The multiple has climbed in four of the last five years, and the entire increase since 2021 is attributable to the securities leg: the funds-only multiple was 41.80x in 2021 and 37.33x in 2025, while the securities-only multiple rose from 13.10x to 21.43x.
A comparison we decline to publish. Several sources present a Fedwire-to-GDP multiple as evidence of “financial activity relative to the real economy.” We publish the multiple as an arithmetic fact and refuse the interpretation. GDP measures value added over a year; Fedwire measures gross settlement flows, in which a single dollar of underlying economic activity can generate dozens of gross transfers as it passes through funding legs, repo unwinds and interbank positions. The multiple is a useful, consistently constructed indicator of settlement intensity. It is not a measure of financialisation, and we will not present it as one.
What Is the Fedwire Intraday Credit Intensity?
Here is the question nobody asks about a payment system: how much central-bank credit does it consume to move a dollar?
Every real-time gross settlement system faces the same tension. Payments must settle one by one with finality, but banks do not hold the liquidity to fund every outgoing payment before the corresponding incoming payment arrives. The gap is bridged by daylight overdrafts — intraday credit extended by the Reserve Banks against a participant’s account. The Federal Reserve measures and publishes this. Almost nobody reads it, and to our knowledge nobody normalises it to settlement volume. So Axis Intelligence Research built the ratio.
FICI: definition and formula
FICI — Fedwire Intraday Credit Intensity. The average peak daylight overdraft across the Federal Reserve System, expressed in basis points of average daily value settled across both Fedwire services in the same calendar year.
Formula:
FICI = [ mean(quarterly average peak daylight overdrafts, Q1–Q4, $bn) ÷ (Fedwire Funds average daily value + Fedwire Securities average daily value, $bn) ] × 10,000
Construction rules. The numerator uses the Federal Reserve Board’s published quarterly series, in which each quarterly figure is itself the average of daily peak overdrafts within that quarter; the four quarters are equally weighted. The denominator uses the Fed’s own published average-daily-value columns for each service, which are computed on business days per period, so numerator and denominator share a business-day basis. No adjustment, deflation or smoothing is applied. A reading of 100 bps means the system needed one dollar of peak intraday central-bank credit for every hundred dollars settled that day.
FICI readings, 1995–2025
| Year | Avg. peak daylight overdraft ($bn) | Combined avg. daily settled value ($bn) | FICI (bps) | Source |
|---|---|---|---|---|
| 1995 | 67.9550 | 1,484.93 | 457.63 | Federal Reserve; Axis calculated |
| 2000 | 86.4475 | 2,253.53 | 383.61 | Federal Reserve; Axis calculated |
| 2005 | 120.2675 | 3,535.63 | 340.16 | Federal Reserve; Axis calculated |
| 2008 | 168.2075 | 4,660.01 | 360.96 | Federal Reserve; Axis calculated |
| 2010 | 59.4400 | 3,684.32 | 161.33 | Federal Reserve; Axis calculated |
| 2015 | 5.2675 | 4,485.66 | 11.74 | Federal Reserve; Axis calculated |
| 2019 | 12.8725 | 4,149.99 | 31.02 | Federal Reserve; Axis calculated |
| 2020 | 7.1550 | 4,751.84 | 15.06 | Federal Reserve; Axis calculated |
| 2021 | 2.3675 | 5,169.20 | 4.58 | Federal Reserve; Axis calculated |
| 2022 | 3.9475 | 5,608.26 | 7.04 | Federal Reserve; Axis calculated |
| 2023 | 5.8250 | 6,086.66 | 9.57 | Federal Reserve; Axis calculated |
| 2024 | 11.1775 | 6,725.68 | 16.62 | Federal Reserve; Axis calculated |
| 2025 | 8.1675 | 7,229.38 | 11.30 | Federal Reserve; Axis calculated |
Overdraft inputs from the Federal Reserve Board’s peak daylight overdrafts quarterly series, last updated April 16, 2026. Settlement inputs from Federal Reserve Financial Services annual statistics. Readings computed by Axis Intelligence Research and verified in two independent arithmetic passes.
Baseline. This is the baseline publication of FICI. The readings above are computed from the full published history of both input series; no prior FICI values exist and none are implied.
What the series says. FICI fell from 360.96 bps in 2008 to 11.30 bps in 2025, a decline of 96.87% — and it fell while settled value grew 55.14%. Two events do most of the work. The Federal Reserve’s revised Payment System Risk policy took effect on March 24, 2011, introducing explicitly collateralised daylight overdraft capacity; the Board began collecting collateralisation data that same week. And the post-2008 expansion of reserve balances left participants funding outgoing payments from balances rather than from intraday credit. By 2021 the reading bottomed at 4.58 bps. It has risen in three of the four years since — 7.04, 9.57, 16.62, then back to 11.30 — which is the reserve-drain story showing up in the plumbing before it shows up in the commentary.
Composition matters more than level. In 2008, funds-related overdrafts made up 84.19% of the average quarterly peak. In 2025 they made up 16.65%, and book-entry securities activity made up 88.71%. (The two components sum to more than the total because an institution’s peak in one category need not coincide with its peak in the other; the Fed publishes them as separately measured maxima.) The intraday-credit risk in the American settlement system has migrated almost entirely from payments to collateral.
Scope. FICI is a system-level intensity ratio, not a risk measure for any institution. Peak overdrafts are quarterly averages of daily peaks, so a single extreme day is muted. The denominator includes settlement value that generates no overdraft. And because the Board’s collateralised-overdraft series begins only in March 2011, readings before and after that date describe the same measured quantity under different policy regimes — which is the point of the series, not a defect in it.
Cite this metric as: Axis Intelligence Research, Fedwire Intraday Credit Intensity (FICI), baseline readings, August 25, 2026. CC BY 4.0.
Sarah Davis: Eleven basis points. That is what it now costs the Federal Reserve, in peak intraday exposure, to stand behind seven and a quarter trillion dollars of daily settlement. In 2008 it was three hundred and sixty-one. Anyone arguing that the plumbing is unchanged since the crisis should be handed this series and asked to explain it. And anyone reading the 2021 trough as the new normal should look at what 2022, 2023 and 2024 did on the way back up. Reserves are the shock absorber. Take them away and the overdraft line is where you find out.
How Much Does the Federal Reserve Charge for a Fedwire Transfer?
The two services price on completely different logic, and the gap is not small.
Fedwire pricing, 2026
| Item | Funds Service | Securities Service | Source |
|---|---|---|---|
| Basic transfer, origination | $0.97 (Tier 1, pre-incentive) | $0.55 | Federal Reserve |
| Basic transfer, receipt | Included in tiered per-transfer price | $0.55 | Federal Reserve |
| Off-line surcharge | $0.26 after 5:00 p.m. ET origination | $80.00 | Federal Reserve |
| Monthly account/participation | $125.00 participation | $51.50 per securities account | Federal Reserve |
| Issue maintenance | — | $0.55 per issue, per account | Federal Reserve |
| Average ticket, 2025 | $5.28M | $20.62M | Federal Reserve |
| Fed charge per $1M moved | 18.36 cents (Tier 1) | 2.67 cents | Axis calculated |
Prices effective January 1, 2026, from the Fedwire Funds Service 2026 fee schedule and the Fedwire Securities Service 2026 fee schedule, retrieved August 25, 2026. Cost-per-million figures calculated by Axis Intelligence Research from those prices and the Fed’s 2025 average-ticket data.
According to Axis Intelligence Research, the Federal Reserve charges 2.67 cents to settle $1 million of Treasury or agency securities and 18.36 cents to move $1 million by funds transfer at the first pricing tier — a 6.88x spread. The Treasury absorbs monthly account and issue maintenance for holdings that contain only Treasury securities, reimbursing the Reserve Banks, which is disclosed in the fee schedule footnotes and is why the securities side looks cheaper than its cost base.
The $80.00 off-line surcharge on a securities transfer is the number worth sitting with. It is 145 times the online price. The Fed is not recovering a cost there; it is pricing a behaviour it wants to stop.
When Does Fedwire Actually Operate?
The two services do not keep the same hours, and the difference is about to get wider.
The Fedwire Securities Service business day runs 8:30 a.m. to 3:15 p.m. eastern time, Monday through Friday excluding designated holidays, per the Federal Reserve Board’s service description. Online participants can initiate reversals until 3:30 p.m. and reposition securities among their own accounts until 4:30 p.m. for payment and 7:00 p.m. free of payment. That is a 6-hour 45-minute origination window against the Funds Service’s 22 hours.
On October 9, 2025 the Federal Reserve Board announced that the Fedwire Funds Service and the National Settlement Service will expand to six operating days per week — Sunday through Friday, including weekday holidays — with implementation no earlier than 2028. The Fedwire Securities Service was not included. Our Wire Transfer Statistics analysis covers the funds-side calendar change and its pricing consequences in full.
The asymmetry is the story. If the funds rail settles on Sundays and the securities rail does not, a Sunday cash payment cannot be matched by a Sunday collateral movement. Delivery-versus-payment settlement, the mechanism that removes principal risk from a securities trade, requires both legs on the same system on the same day.
Sarah Davis: Six days on funds and five on securities is not a scheduling detail, it is a design decision with a bill attached. The whole argument for extending the funds calendar is that money should move when commerce moves. Collateral is what makes money move at this size. Leave the book-entry rail on a weekday calendar and Sunday funds settlement gets built on unsecured intraday exposure or it does not get used for the flows that matter. Watch which industry groups raise this in the comment file. It will not be the retail banks.
How Fast Is Fedwire Growing in 2026?
Through the first six months of 2026, the Fedwire Securities Service originated 16,580,361 transfers worth $332,584,825 million, per the Federal Reserve’s monthly securities statistics last updated July 21, 2026.
Fedwire Securities Service, first half 2026 vs first half 2025
| Measure | H1 2026 | H1 2025 | Change | Source |
|---|---|---|---|---|
| Transfers originated | 16,580,361 | 15,838,156 | +4.69% | Federal Reserve |
| Value originated ($ millions) | 332,584,825 | 318,881,378 | +4.30% | Federal Reserve |
| Average value per transfer | $20.06M | $20.13M | −0.35% | Axis calculated |
| Highest monthly value, H1 2026 | March: $59,631,874M | — | — | Federal Reserve |
| Highest monthly volume, H1 2026 | March: 3,016,564 | — | — | Federal Reserve |
Growth rates and average tickets calculated by Axis Intelligence Research from the Fed’s monthly file, retrieved August 25, 2026.
According to Axis Intelligence Research, securities-side growth cooled sharply in the first half of 2026: value up 4.30% year over year against 18.8% for full-year 2025. Volume and value are now growing at almost identical rates, which means the average ticket has stopped rising — it peaked at $21.83 million in December 2025 and read $19.59 million in June 2026.
Custody: the balance the flow sits on
Securities held in custody at the Fedwire Securities Service reached $118,677,480 million at year-end 2025 — $118.68 trillion, up 34.45% from $88,271,327 million at year-end 2019. According to Axis Intelligence Research, the service turned over its own custody balance 5.55 times in 2025 ($659.08 trillion of transfers against $118.68 trillion held). In 2019 the same ratio was 3.92x. The stock of collateral grew by a third; the rate at which it is moved grew by more than that.
Methodology
Collection. Every figure in this article was fetched from a primary source during production on August 25, 2026. Fedwire Funds and Fedwire Securities volume, value, average-value, average-daily and custody figures come from Federal Reserve Financial Services annual and monthly statistics files. Pricing comes from the Fedwire Funds Service and Fedwire Securities Service 2026 fee schedules. Daylight overdraft figures come from the Federal Reserve Board’s Payment System Risk quarterly peak and average series. Operating-hours and service-description figures come from the Board’s Fedwire Securities Services page and its October 9, 2025 press release. US nominal GDP is the Bureau of Economic Analysis annual current-dollar series (BEA account code A191RC), taken at the level published after the April 9, 2026 third estimate. No figure in this article came from an aggregator, a competitor compilation, or model memory.
Calculations. Every ratio, share, growth rate and index reading labelled as an Axis Intelligence Research figure was computed from the sourced inputs and verified in two independent passes using different numeric implementations. The FICI formula, its construction rules and its full input table are disclosed above; a competent outsider can recompute every reading from the two cited Federal Reserve series. Percentages are computed from unrounded inputs and reported to two decimals.
What we refused. Three available calculations were rejected. A Fedwire-to-GDP multiple presented as a measure of financialisation, because gross settlement flows and value added are not commensurable in that way; we publish the arithmetic and decline the interpretation. A summation of funds and book-entry daylight overdraft components into a single attributed total, because the Federal Reserve measures them as separately timed maxima and they do not sum to the published total. And a current participant count for the Fedwire Securities Service: the Board’s service page states approximately 2,300 participants made securities transfers in 2008 [older data — the page’s own last-update stamp is July 31, 2014, and no more recent participant count is published by the Board or by Federal Reserve Financial Services], so we report the figure with its vintage rather than presenting it as current.
Scope. Fedwire statistics are subject to revision and are dated at retrieval. Book-entry securities data exclude reversals, per the Federal Reserve’s own note on the monthly file. The two Fedwire services are separate systems with separate statistics and their transfer counts should never be added to a payments total. Daylight overdraft data describes Federal Reserve account activity system-wide and cannot be attributed to individual institutions.
About This Dataset
The companion CSV contains every figure cited above as an individual row, with metric, value, unit, as-of date, source organisation, source document, source URL, retrieval date, primary-source flag, Axis-calculated flag and a method note on each derived row. It covers the Fedwire Funds Service annual series 1987–2025, the Fedwire Securities Service annual series 1989–2025, Fedwire Securities monthly data for 2025 and 2026, the Federal Reserve Board’s quarterly peak daylight overdraft series with its funds and book-entry components, 2026 fee schedules for both services, US nominal GDP for 2021–2025, and the full FICI component and reading tables.
The dataset is reviewed when the Federal Reserve publishes revised annual statistics (typically January), when the Board updates the quarterly daylight overdraft series (typically quarterly), when a new fee schedule takes effect (typically January 1), and on any Board action affecting Fedwire operating days or hours.
License: CC BY 4.0. Free to use commercially and non-commercially with attribution.
Cite this dataset as: Axis Intelligence Research. Fedwire Statistics 2026. Axis Intelligence, 2026. https://axis-intelligence.com/fedwire-statistics/
Citation
APA — Axis Intelligence Research. (2026). Fedwire statistics 2026: $1.81 quadrillion across both services, and the 97% collapse in intraday credit nobody reports. Axis Intelligence. https://axis-intelligence.com/fedwire-statistics/
MLA — Axis Intelligence Research. “Fedwire Statistics 2026: $1.81 Quadrillion Across Both Services, and the 97% Collapse in Intraday Credit Nobody Reports.” Axis Intelligence, 25 Aug. 2026, axis-intelligence.com/fedwire-statistics/.
Chicago — Axis Intelligence Research. “Fedwire Statistics 2026: $1.81 Quadrillion Across Both Services, and the 97% Collapse in Intraday Credit Nobody Reports.” Axis Intelligence. August 25, 2026. https://axis-intelligence.com/fedwire-statistics/.
Frequently Asked Questions
Do Fedwire Funds and Fedwire Securities statistics double-count the cash leg of a securities trade?
Not in the published counts. The Federal Reserve reports the two services separately: 217,296,700 funds transfers and 31,957,427 book-entry transfers in 2025, each with its own value series. A delivery-versus-payment book-entry transfer settles the cash and the security simultaneously within the Securities Service and is counted once there — it does not generate a separate Fedwire Funds transfer. Add the value series for a combined settlement figure if you disclose that you have done so; never add the two transfer counts into a “payments” total, because book-entry transfers are securities settlements, not payments.
Why is book-entry activity now the dominant source of daylight overdrafts?
Because the collateral moves before the cash does. In a delivery-versus-payment settlement, a participant receiving securities is debited on delivery, and if incoming funds have not yet arrived the account goes into intraday overdraft. In the fourth quarter of 2025 the book-entry component of the average peak daylight overdraft was $5.68 billion against a $6.20 billion total, and the funds component was $1.25 billion. In 2008 the ratio ran the other way, with funds at 84.19% of the average quarterly peak. Abundant reserve balances removed most of the funds-side need; the securities-side timing mismatch is structural and does not go away with reserves.
What does the Federal Reserve charge a participant for a book-entry securities transfer?
$0.55 for a basic transfer origination and $0.55 for the receipt, effective January 1, 2026, plus $51.50 per month per securities account and $0.55 per issue per account for issue maintenance. The Treasury reimburses the Reserve Banks for account and issue maintenance on holdings containing only Treasury securities. An off-line transfer — one initiated by telephone rather than electronically — carries an $80.00 surcharge on top of the basic fee, in each direction.
Is the Fedwire Securities Service moving to six operating days like the Funds Service?
Not under the Board’s October 9, 2025 announcement, which covers the Fedwire Funds Service and the National Settlement Service only and states implementation no earlier than 2028. The Securities Service remains on a Monday-to-Friday calendar with an 8:30 a.m. to 3:15 p.m. eastern origination window. Any extension of the book-entry calendar would require its own Board action, and none has been proposed as of this update.
How much collateral sits inside the Fedwire Securities Service?
$118,677,480 million — $118.68 trillion — in securities held in custody at year-end 2025, up 34.45% from year-end 2019. That balance turned over 5.55 times during 2025, against 3.92 times in 2019. The custody figure counts Treasury, federal agency, government-sponsored enterprise and certain international-organisation securities held in book-entry form at the Reserve Banks; it is a stock at a point in time, not a flow, and should never be compared directly with the annual transfer value.
Which Fedwire service is growing faster, and why does the answer keep changing?
Over 2021–2025 the Securities Service grew value 112.04% against 15.77% for the Funds Service, so on a four-year view the securities leg is not close. Within 2026 the gap has closed sharply: securities value in the first half was up 4.30% year over year. The funds series responds to commercial and interbank payment activity; the securities series responds to the size of federal debt outstanding and the velocity at which dealers and clearing entities turn it over. Those drivers move on different cycles, which is why any single-year comparison between the two is close to meaningless without the multi-year series next to it.
Can a FICI reading be reproduced from public data?
Yes, and that is the design requirement. Take the four quarterly figures for a year from the Federal Reserve Board’s peak daylight overdraft table, average them equally, then divide by the sum of the two Fedwire services’ published average-daily-value columns for the same year converted to billions, and multiply by 10,000. For 2025: mean($17.38bn, $4.24bn, $4.85bn, $6.20bn) = $8.1675bn; ($4,593,069M + $2,636,313M) ÷ 1,000 = $7,229.382bn; 8.1675 ÷ 7,229.382 × 10,000 = 11.30 basis points.
Does Fedwire volume include CHIPS, SWIFT or ACH activity?
No. Fedwire statistics count activity originated on the Fedwire Funds Service and the Fedwire Securities Service and nothing else. CHIPS is a separately operated netting system with its own published figures. SWIFT is a messaging network, not a settlement system, and carries no value of its own — our SWIFT Payment Statistics page covers that distinction. ACH is a separate batch rail with separate rules and separate statistics; see ACH Payments Statistics for the comparison and Same Day ACH Statistics for the segment most often confused with wire volume.
How many institutions participate in the Fedwire Securities Service?
The Federal Reserve Board states that approximately 2,300 participants made Fedwire securities transfers in 2008. That is the most recent participant count the Board publishes, on a page whose own last-update stamp reads July 31, 2014, and we report it with that vintage attached rather than presenting an eighteen-year-old number as current. Eligibility is limited to depository institutions and certain other governmental or financial institutions that hold both a funds account and a securities account at a Reserve Bank.
What would make the intraday credit reading rise again?
A sustained decline in aggregate reserve balances, which is the mechanism that pushed FICI from 4.58 basis points in 2021 to 16.62 in 2024. When participants hold fewer balances, more outgoing payments are funded from intraday credit rather than from the account, and the peak overdraft line rises against a settlement denominator that keeps growing. A second driver, visible in the composition data, is book-entry settlement volume: securities transfers generate the majority of current peak overdrafts, so any acceleration in Treasury turnover shows up here first. Our Wire Fraud Statistics page covers the separate question of loss risk on the funds rail.