GGD-97-73 Payments, Clearance, And Settlement A Guide To .
United States General Accounting Officerij. A/ Report to the ChairhianCommittee on Banking and FinancialServices .House of RepresentativesJune 1997PAYMENTS,CLEARANCE, ANDSETTLEMENTA Guide to the Systems,Risks, and Issues s *GAO/GGD-97-73
GAOUnited StatesGeneral Accounting OZflceWashington, D.C. 20548General Government DivisionB-270598June 20, 1997The Honorable James LeachChairman, House Committee onBanking and Financial ServicesHouse of RepresentativesDear Mr. Chairman:This report responds to your request that we provide information, aboutthe nation's systems to effect financial transactions between purchasersand sellers of goods, services, and financial assets. As you know, thesesystems—often referred to as payments, clearcince, and settlementsystems—are a vital part of the smooth functioning of our nation'seconomy and the free flow of economic activity worldwide. They allowownership of products, funds, securities, futures contracts, and otherfinancial instruments to be exchanged and settled among consumers,financial institutions, businesses, and others. They also play a criticzil rolein maintaining the stability of financial meirkets and reducing systemicrisk.As agreed, the objectives of this report were todescribe the various payments, clearance, and settlement systems used inchis country;describe various emerging products and services, which we refer to aselectronic commerce;identify and describe certain risks associated with these systems,products, and services, and discuss how those risks are mitigated; andidentify and describe some significant issues relating to the systems,-products, and services that face users, regulators, and polic3TTnakers.For purposes of clarity, we present the information on systems, products,and services in four major sections: (1) clearance and settlement ofwholesale payment systems; (2) clearance and settlement of equities.Treasuries, futures, and options; (3) clearance and settlement of retailpayment systems; and (4) new and emerging financial products andservices. An overview precedes each section, highlighting some of themain characteristics and other information associated with each type ofsystem, product, or service. Each section is organized in the sameway—description and use, basic data, processes, regulatory oversight, andrisk and risk mitigation. The final section of the report, containsinformation on some significant issues raised by industry officialsPagelGAO/GGD-97-73 Payments, Clearance, and Settlement
B-270598concerning these systems, products, and services. The remainder of thisletter includes background information, a short overview of the sections,our scope and methodology, and comments from the Federal ReserveBoard of Governors.BackgroundThe general term payment system refers to a mechanism for the transfer ofmonetary value and related information. Transfer of value can occur, forexample, when a customer writes a check to a company and the funds arethen transferred from the customer's bank account to the bank account ofthe company. Related information exchanged at the same time mightinclude the identification of the payee and the payor, bank accoimtnumbers, and the date of payment. Clezu-ance is the process oftransmitting, reconciling, and in some cases, confirming payment orders orsecurities transfer instructions before settlement takes place. Settlement isthe fined step in the transfer of ovmership. In a banking transaction,settlement is the process of recording the debit and credit positions of theparties involved in a transfer of funds; in a securities transaction,settlement includes both the trcmsfer of securities by the seller and thepayment by the buyer.In order to promote the smooth functioning of the nation's economicactivity, payment systems must provide for a reliable and accurateexchange, a measure of security for transactions, and finality of payment(i.e., settlement that cannot be reversed or withdrawn at a later time). Inmost cases, there is a delay between the exchange of instructions andinformation concerning a transaction and its final settlement. Forexample, when an individual deposits a check into his or her bankaccount, the bank then instructs the bank on which the check was drawn(payor's bank) to pay the specified amount to the individual's bank, whichwill, in turn, credit that amount to his or her account. The actualsettlement—i.e., the transfer of funds from the payor's bank to his or herbank account—may not occur until several days after the check wasdeposited.TTiere is a trade-off between the security and speed of settlement and itscost. Wholesale systems for the exchange of large-vjdue payments orproducts tend to have greater security (greater risk controls) than do retailsystems. The loss on one wholesale transaction could be thousands oftimes greater than that for a typical retail transaction. Speed of settlementalso adds to security. With less time between clearance and settlement,there is less likelihood of a default by one of the involved parties, all otherPage 2GAO/GGD-97-73 Payments, Clearance, and Settlement
B-270598things being equal. However, increased security and timeliness generallycome at an increased cost. An electronic transaction that settlesinstantaneously may cost as much as 50 times more than a transaction in asystem that settles in 24 hours or more.Settlements can be "gross" or "net." Gross settlement mezms eachtransaction is settled individually. Net settlement mezms that partiesexchanging payments will offset mutual obligations to deliver identicalitems (e.g., dollars and Deutsche Marks) at a time, such as the end of theday, after which only one net amount of each item is exchanged.Each system or product has associated with it some type of risk and, insome cases, several types of risk. For purposes of this report, we discusssome of the most important risks and risk mitigations associated withthese systems, products, and services. For example, counterparty/creditrisk arises from the potential that a borrower or counterparty will fail toperform on an obligation. Operational risk arises from the potential thatinadequate irtformation systems, operational problems, breaches ininternal controls, or unforeseen catastrophes will result in unexpectedlosses. Risk of fraud is risk of intentional deceptions that could result inmonetary loss. Payment system participants, regulators, and serviceproviders take steps to mitigate these risks. The risk mitigation strategiesvary by type of system and are generally more rigorous for large-dollartransactions.OverviewThe United States has a wide variety of payrnents, clearance, andsettlement systems. Some systems are used primarily for large-dollarpayments, such as Fed wire' and the Clearing House Interbank PaymentSystem (CHIPS),- others are used for the clearance and settlement offmancial products, such as securities, futures, and options. These systemsare mairJy used by m or financial players, such as banks and othercorporations, and are generally referred to as wholesale systems. Othersystems are used for the smaller dollar transactions with which mostconsumers are familiar—e.g., checks, credit cards, and automated clearinghouse payments (such as electronic deposits of paychecks or SocialSecurity payments). Generally, these smaller dollar systems are referred toas retail systems.'Fedwire is the electronic funds transfer system operated by the Federal Rpsprve.-CHIPS is a private-sector electronic funds transfer system run by the New York Clearing HouseAssociation (NYCHA).Page 3GAO/GGD-97-73 Payments, Clearance, and Settlement
B-270598New, consumer-oriented products, such as stored-value cards, are nowbeing introduced. A stored-value card is a credit-card-sized device with animplanted computer chip, that has a certain value and can be used for avariety of applications including financial transactions. New services, suchas electronic money, are also being tested and marketed. Electronicmoney is funds held in an online account that can be transferred over theInternet between ciny two parties, including consumer to consumer. Thesenew products and services have not yet gained wide acceptance, but manyprivate-sector companies are planning for the rapid expansion of theseand similar products in the future.The types of risk we discuss in this report are generally present in allpayments, clearance, and settlement systems. For example, operationalrisk, such as the risk of computer failure, is inherent in all systems. Onetype of mitigation strategy for operational risk focuses on having adequatecomputer back-up systems. We do not discuss all relevant risks ormitigation strategies but focus on some of the more important ones.Many significant issues have been raised by industry officials, regulators,and others regarding the operations, use, and regulation of payments,clearance, and settlement systems. For large-dollar transactions, somehave raised the issue of the appropriateness of some institutions using lesssecure payment systems to reduce their costs of transfers. Others haveraised issues about new and emerging products, such as stored-valuecards and home banking. For example, some said these products are beingoffered, by both banks and their nonbank competitors, yet banks aresubject to a much greater degree of regulation of these products than arenonbanks. Also, many have raised questions about the appropriateregulatory structure for these products and services. Security issues forboth wholesale systems, such as Fedwire and CHIPS, and emergingservices, such as home banking, have also been raised. The enormousvolume and rapid growth in foreign exchange transactions have led todiscussion and studies of how to better reduce risk in this market. Finally,many private industry officials, especially private payment systemproviders, have raised issues for some time about the ability of the FederalReserve to be both a regulator of payment systems and a fair competitor indelivering these payment services.Page 4GAO/GGD-97-73 Payments. Clearance, and Settlement
B-270598Scope andMethodologyTo obtain information on and describe retail and wholesale payments,clearance, and settlement systems; to identify risk and risk mitigationstrategies;' and to identify issues concerning these systems, we:interviewed officials from international and federal financial regulators,including the Bank for International Settlements, the Board of Governorsof the Federal Reserve System; the Federal Reserve Banks of New York,Richmond, Boston, and San Francisco; the Office of the Comptroller of theCurrency; the Federal Deposit Insurance Corporation; the Office of ThriftSupervision; and the Securities and Exchange Commission;interviewed officials and analyzed statistics and documents from variousprivate-sector payments system providers and participants, including theNational Automated Clearing House Association, the New York ClearingHouse Association, Visa International, the Society for WorldwideInterbank FinancialTelecommurucations (S.W.I.F.T), the Chicago Board ofTrade (CBOT), the Chicago Mercantile Exchange (CMK), and theirrespective clearing organizations—the Board of Trade ClearingCorporation and the CME'S clearing house division;interviewed officials and analyzed statistics and documents from variousconsumer groups.To identify new and emerging products and services, their'associated riskand risk mitigation strategies, and related i.ssues, we interviewed officials,and analyzed statistics and documents from the following:consultants with expertise in the development of commercial sites on theInternet;representatives of software/hardware companies developing products forelectronic commerce and electronic banking applications;law firms and others with knowledge of legal issues involved in thedevelopment of commercial applications for the Internet;representatives of stored-value card corporations; andofficials from other organizations involved in the development of theseproducts and services.We did our work primarily in Washington, D.C, and New York betweenJanuary 1996 and April 1997 in accordance with generally acceptedgovernment auditing standards.'U'c did not test the ;i(lc( uacy of any of tlii' risk mitigation l(.'chni( U('s discussed in this n port.PagesGAO/GGD-97-73 Payments, Clearance, and Settlement
B-270598Federal Reserve'sComments and OurEvaluationWe requested comments on a draft of this report from the Federal ReserveBoard of Governors. The Federal Reserve's written comments along withour responses appear in appendix I. In addition, the staff of the Board ofGovernors provided technical comments that were incorporated in thisreport as appropriate. We chose not to incorporate all of the FederalReserve's complex, technical suggestions, because our purpose, as stated,was to provide basic information on the systems at a consistent level ofdetail.The Federal Reserve expressed concern about the manner in which wecategorized various risks in the payments systems. In addition, the FederalReserve suggested that some types of risks, such as liquidity risk, wereexcluded from our discussion. The Federal Reserve also found ourdiscussion of the legal and regulatory framework for the various paymentmechanisms to be confusing because it addressed regulation oftransactions in some instances and supervisory regulation of the parties inothers. The Federal Reserve pointed out that in its view our dreift reportdid not discuss similar payment systems in a mcinner that provided easycomparison or assessment of differences.The Federal Reserve also raised concerns about our presentation of theissues concerning traditional wholesale and retail payments systems andnew and emerging products and services. In some instances, the FederalReserve suggested that our discussion of the issues was incomplete. Inother cases, it noted that the potential problems we raised about newemerging products and services also apply to more traditional productsand services such as credit cards and checks. Finally, the Federal Reservesuggested that on several issues our draft report did not fully account forthe actions that the FederEiI Reserve has taken to mitigate potentialproblems.As we state in our report, our purpose in providing information on risksand risk mitigations was to highlight some of the more important risksraised by payment industry officials and others with respect to specificpayment systems. Our intent was neither to provide an exhaustive list ofall types of risks present in all payment systems nor to evaluate whichones are more or less important. Many public- and private-sectororganizations categorize risk in different ways; we attempted to beconsistent but also tried to use the same terms used by our sources.Although the Federal Reserve expressed concern that liquidity risk wasnot specifically identified, liquidity risk generally was not one of the majorrisks raised by industry officials and others we interviewed.Page 6GAO/GGD-97-73 Payments, Cleairance, and Settlement
8-270598Our purpose in discussing the legal and supervisory framework was toprovide a general overview of the applicable laws, regulations, and whereit might be unclear to the reader, the supervisory framework for thesesystems and products. For all the products and services, we discuss thelegal and regulatory structure. In some instances, where we felt additioncdinformation would be helpful to the reader, we also discuss supervision ofthe products and services. Our report was not intended to provide acomprehensive survey of the supervision and oversight of these paymentsystem products and services.With regard to the ease of comparison of various payment systems, ourpurpose in this report was to provide basic information on each of thesesystems, products, and services, not to provide a comparative study ofthem. But we do present the information in a consistent format and reportcompairable statistics to the extent possible.The purpose of presenting information on issues regarding paymentsystems was to highlight rather than discuss in depth, evaluate, or resolvepotential problems and concerns that were raised by industry, publicsector, and other officials. A detailed analysis of the various factors thatwould need to be taken into consideration in addressing these issues, orthat could affect how these issues can be resolved, was beyond the scopeof this report. Section 5 of the report is not designed to include acomprehensive list of all of the issues in the payments, clearance, andsettlement environment.With regard to issues related to new and emerging products and services,we agree that some of these issues may be applicable to more traditionalpayment systems. Again, our purpose was simply to highlight the issuesraised by industry officials in connection with these new products andservices. We have reviewed and incorporated where appropriateinformation the Federal Reserve has provided on actions it has undertakento mitigate potential problems associated with some issues.We are sending copies of this report to the majority and minority Membersof the House and Senate Bjmking Committees, Agriculture Committees,and Commerce Committees, and to other interested parties. We will alsomake copies available to others on request.Page 7GAO/GGD-97-73 Payments, Clearance, and Settlement
B-270598This report was prepared under the direction of Susan Westin, AssistantDirector, Financial Institutions and Markets Issues. Other majorcontributors to this review are listed in appendix II. If you have anyquestions about this report, please call me at (202) 512-8678.Sincerely yours,Jean Gleason StrombergDirector, Financial Institutionsand Markets IssuesPagesGAO/GGD-97-73 Payments, Clearance,.and Settlement
KJmPPCEPage 9GAO/GGD-97-73 Payments, Clearance, and Settlement
Section 1Wholesale PaymentSystemsOverview of Clearance and Settlement of Wholesale PaymentSystemsFedwire Electronic Transfer of FundsS.W.I.FT.Clearing House Interbank Payments SystemSettlement of Foreign Exchange TransactionsBilateral and Multilateral Netting of ForeignExchange TransactionsSection 2Equities, Treasuries,Futures, and OptionsOverview of Clearance and Settlement Systems of Equities,Treasuries, Futures, and OptionsEquities Clearance and SettlementTreasuries and the Fedwire Book-Entry Securities SystemFuturesExchange-Traded OptionsSection 3Retail PaymentSystemsOverview of Clearance and Settlement of Retail PaymentSystemsChecksElectronic Funds TransferCredit CardsAutomated Clearing HouseSection 4New and EmergingFinancial Productsand ServicesOverview of New and Emerging Financial Products and ServicesThe InternetStored-Value CardsElectronic BankingFinancial Services Over the InternetSection 5IssuesIssues Related to Payments, Clearance, and Settlement SystemsPage 1015172728374647485866779193107108116131132133' 141148157GAO/GGD-97-73 Payments, Clearance, and Settlement
ContentsAppendixesAppendix I: Comments From the Board of Governors of the FederalReserve System170Appendix II: M or Contributors to This Report179180GlossaryTablesTable 1.1: Selected Data on Fedwire Funds TransfersTable 1.2: Risk and Risk Mitigation for FedwireTable 1.3: Selected Date on CHIPS TransfersTable 1.4: Risk and Risk Mitigation for CHIPSTable 1.5: Risk and Risk Mitigation for ForeignExchange TransactionsTable 2.1: Data on NSCC and DTCTable 2.2: NSCC Clearance and Settlement Processfor Depository Equity SharesTable 2.3: Risk and Risk Mitigation for EquitiesTable 2.4: Data on GSCC and FedwireTable 2.5: Two Types of Trade ComparisonsTable 2.6: Risk and Risk Mitigation for TreasuriesTable 2.7: Data on GSCC and FedviireTable 2.8: Steps in the Futures Clearing ProcessTable 2.9: Two Types of SettlementTable 2.10: Risk and Risk Mitigation for FuturesTable 2.11: Total Volume of Exchange-Traded OptionsContracts Cleared in 1995Table 2.12: Steps in the Options Clearing ProcessTable 2.13: Two Types of SettlementTable 2.14: Risk and Risk Mitigation for OptionsTable 3.1: Major Organizations That Processor Exchjinge ChecksTable 3.2: The Volume of Checks Processed, 1992-1995Table 3.3: Risk and Risk Mitigation for ChecksTable 3.4: The Number of Major U.S. Credit CardCompanies' Cards, 1990-1995Table 3.5: Risk and Risk Mitigation for Credit CardsTable 3.6: Examples of ACH Credit and Debit TransactionsTable 3.7: Volume of ACH Transactions Processed by the FourACH Providers, 1992-1996Page U., .l. \iJii/rAli iiiiiUAiL i,\i ,mi.:r.i.'«»i*t. 4116118GAO/GGD-97-73 Payments, Clearance, and Settlement
ContentsTable 3.8: Total Amount of Dollars Processed by EachACH Provider, 1992-1996Table 3.9: Risk and Risk Mitigation for ACHTable 4.1: Stored-Value Card TestsTable 4.2: Risk and Potential Risk Mitigation for Stored-Value CardsTable 4.3: Consumer Banking Activities AccessibleBy Electronic Means, 1996Table 4.4: Risk and Risk Mitigation for Electronic BankingTable 4.5: Risk and Risk Mitigation for Financial Serviceson the InternetFiguresFigure 1.1: A Fedwire Funds Transfer TransactionFigure 1.2: A Typical CHIPS TransferFigure 1.3: Final Settlement of CHIPSFigure 1.4: A Typical Foreign Exchange TransactionFigure 2.1: T 3 Clearance and Settlement of Depository-EligibleEquity SharesFigure 2.2: The 24-Hour Trading, Clearance, and Settlement CycleFigure 2.3: An Options ListingFigure 2.4: T-t-l Trading, Clearance, and Settlement CycleFigure 3.1: An Example of a Paper Checkb"1gure 3.2: The Federal Reserve System for Processing a Paper CheckFigure 3.3: Clearance and Settlement Cycle of Credit CardsFigure 3.4: The Average Value of an ACH Transaction, 1992-1995Rgure 3.5: lypical ACH Credit Transaction—The Direct Depositof a PayrollFigure 3.6: Typical ACH Debit Transaction—Bill PaymentFigure 4.1: A Typical Mondex Card TransactionFigure 4.2: Illustration of an Electronic Bill Payment ProcessFigure 4.3: Credit Card Payments Over the Internet12012913513914114615520. onsAHMSACHAMEXASOATMAVSPage 12Account Balance Monitoring SystemAutomated Clearing HouseAmerican Stock ExchangeAdditional settlement obligationAutomated Teller MachineAddress Verification ServiceGAO/GGD-97-73 Payments, Clearance, and Settlement
ContentsBISBOTCCCBCHCBTecuCPTCBank for International SettlementsBoard of Trade Clearing CorporationCalifornia Bankers Clearing HouseChicago Board of T r a d eChicago Clearing House AssociationCommodity Futures Trading CommissionCHECCSCHIPSClearing House Electronic Check Clearing SystemClearing House Interbank Payment SystemCMECNSCRACSTcusipChicago Mercantile ExchangeContinuous net settlementC o m m u n i t y Reinvestment ActCentral Standard TimeCommittee on Uniform Securities IdentificationProceduresDebt Collection Improvement Act of 1996Deutsche markDepository Trust CorporationDelivery-versus-paymentFrankfurt Electronic Clearing SystemExchange Clearing HouseElectronic Check Clearing House OrgarxizationElectronic check presentmentElectronic Data CaptureExpedited F u n d s Availability Act of 1987Electronic F u n d s Transfer ActElectronic Money SystemEast Rutherford Operations CenterEastern TimeFutures Commission MerchantFederal Deposit Insurance CorporationFederal Reserve B a n k of N e w YorkFederal Trade CommissionGovernment Securities Clearing CorporationIssuer's Clearing House ServiceInternal Revenue ServiceMonetary Control Act of 1980Magnetic Ink C h a r a c t e r RecognitionNational Automated Clearing House AssociationNational Association of Securities DealersNational Organization of Clearing HousesNational Securities Clearing NASDNOCHNSCCPage 13GAO/GGD-97-73 Payments, Clearance, and Settlement
ContentsNYACi ETSSLTAPTLAuccwwwPage 14N e w York A u t o m a t e d Clearing H o u s eNew York Clearing House AssociationNew York Stock ExchangeOptions Clearing CorporationTreasury Office of Foreign Assets ControlOver-the-counterPrivate ACH ExchangePayment-vs.-paymentReal-Time Gross Settlement SystemSociety for Worldwide Interbank FinancialTelecommunicationsSecure HyperText Transfer ProtocolSecurities and Exchange CommissionSecurities Electronic TransactionSecure Sockets LayerTransaction at usted paymentTruth in Lending Act of 1968Uniform Corrunercial CodeWorld Wide WebGAO/GGD-97-73 PaymenU, Clearance, and Settlement
Section 1: Wholesale Payment Systems OverviewOverview of Clearance and Settlement ofWholesale Payment SystemsIn this section of the report, we discuss the two primary wholesalepayment systems in the United States, the Federal Reserve's Fedwirefunds transfer service, and the Clerjing House Interbank Payments System(CHIPS), as well as foreign exchange transactions.Main CharacteristicsWholesale payments are large-value paymerits made by major financialplayers, such as banks and other corporations.The Federal Reserve's Fedwire funds transfer service, primarily used fordomestic payments, is a real-time, gross settlement system in which theFederal Reserve guarantees payment to the receiver of the funds, CHIPS, aprivate-sector multilateral netting organization, is used mainly to settle theU.S. dollar side of foreign exchange transactions.Foreign exchange transactions involving U.S. dollars, being an exchangeof currencies, involve two settlements: dollars settled in the United States,and another currency settled in that currency's national payment system.Statistical InformationIn 1996:Fedwire funds transfer service's average daily transaction amount was 989 billion, and the average amount per transaction was 3.0 million.CHIPS' average total daily treinsaction value was 1.3 trillion, and theaverage value per transaction was 6.2 million.On average in early 1995, nearly 1.2 trillion of foreign exchange tradeswere transacted globally per day.Page 15GAO/GGD-97-73 Payments, Clearance, and Settlement
Section 1: Wholesale Payment Systems OverviewOverview of Clearance and Settlement ofWholesale Payment SystemsRegulatoryInformationFedwire's funds transfers are regulated under subpzut B of the FederalReserve's Regulation J.Funds transfers processed over CHIPS are regulated under New York State'sversion of the Uniform Commercial Code (ucc) Article 4A, and rulesadopted by the New York Clearing House Association (NYCHA).Oversight of banks conducting foreign exchange transactions in differentcountries is provided by the bank regulators in those countries.Risk InformationThe Federal Reserve is exposed to credit risk for those paymentstransmitted over Fedv ire that generate daylight overdrafts in aparticipant's account.A CHii'S failure to settle could create systemic risk and, in recognition ofthis, a series of risk controls has been established.Settlement failure in foreign exchange transactions could transmitsystemic problems internationally.Page 16GAO/GGD-97-73 Payments, Clearance, and Settlement
Section 1: Wholesale Payment Systems * FedvtireFedwire Electronic Transfer of FundsDescription and UseThe Fedwire funds transfer system is one of the two primary large-dollarelectronic payments systems in the United States.' In 1996, Fedvnre'saverage total daily transaction value for the electronic transfer of fundswas about 989 biUion; the average value per transaction was 3.0 million.The Fedwire funds transfer service allows depository institutions totransfer funds on their own behalf or on behalf of their customers; mostFedwire payments are related to domestic transactions. The Departmentof the Treasury and other federal agencies also use Fedwire to disburseand collect funds.Key TermsQDaylight overdraftA daylight overdraft is a negative position in an institution's Federal Reserveaccount at any time during the business day.QFederal Reserve accountA Federal Reserve account is a noninterest earning account that depositoryfinancial institutions maintain with a Federal Reserve Bank. The balance in aFederal Reserve account is maintained for purposes of (1) satisfying the FederalReserve's reserve requirements and/or (2) settling payments cleared through theFederal Reserve. The balances in these accounts play a central role in theexchange of funds between depository institutions.FinalityFinality is an irrevocable and unconditional transfer of payment.QNet debit capA net debit cap is the maximum dollar amount of daylight overdrafts an institutionis permitted to incur in its Federal Reserve account. Under the Federal Reserve'spolicy, institutions are subject to two caps-a daily cap and a 2-week cap.QReal-Time GrossSettlement (RTGS) systemAn RTGS system is a system that is said to operate in real-time if it processeseach transaction as it is initiated rather than processing it in a batch.Gross settlement means that the system settles each transfer individually.'The other large-dollar electronic payment-s system, the Clearing House Interbank Payments System(CHIPS), is discussed separately in this report.Page 17GAO/GGD-97-73 Payments, Clearance, and Settlement
Section 1: Wholesale Payment Systems FedwireFedwire Electronic Transfer of FundsBasic DataVirtually all of the approximately 9,500 depository institutions withFederal Reserve accounts use them to transrrut funds transfers overFedwire. In 1996, the total volume of dollars transferred over the Fedwirefunds transfer service was 249 trillion. As shown in table 1.1, for theperiod of 1992 through 1996, the volume and the average daily transactionvalue of Fedwire funds transfers increased, but the average value of aFedwire funds transfer transaction remained relatively constant at about 3.0 million.Table 1.1: Selected Data on FedwireFunds TransfersAverage number ofdaily 992-96267,000277,000287,000302,000328,000Average dailytransfer value 787billion 824billion 841billion 888billion 989billion23%25
-CHIPS is a private-sector electronic funds transfer system run by the New York Clearing House Association (NYCHA). Page 3 GAO/GGD-97-73 Payments, Clearance, and Settlement . B-270598 New, consumer-oriented products, such as stored-value cards, are now being introduced.
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