FedACH is the
Federal Reserve Bank
A Federal Reserve Bank is a regional bank of the Federal Reserve System, the central banking system of the United States. There are twelve in total, one for each of the twelve Federal Reserve Districts that were created by the Federal Reserve ...
s'
automated clearing house
An automated clearing house (ACH) is a computer-based electronic network for processing transactions, usually domestic low value payments, between participating financial institutions. It may support both credit transfers and direct debits. T ...
(ACH) service. In 2007, FedACH processed about 37 million transactions per day with an average aggregate value of about $58 billion. For comparison,
Fedwire
Fedwire (formerly known as the Federal Reserve Wire Network) is a real-time gross settlement funds transfer system operated by the United States Federal Reserve Banks that allows financial institutions to electronically transfer funds between it ...
processed about 537,000 transactions per day valued at nearly $2.7 trillion in the same year.
In 2023, the Federal Reserve Banks are planning to launch the
FedNow service with a fast process design that will take place within seconds to complete fund transfer.
See also
*
Electronic Payments Network
*
Fedwire
Fedwire (formerly known as the Federal Reserve Wire Network) is a real-time gross settlement funds transfer system operated by the United States Federal Reserve Banks that allows financial institutions to electronically transfer funds between it ...
*
National Settlement Service
*
Clearing House Interbank Payments System (CHIPS)
*
Depository Trust & Clearing Corporation
The Depository Trust & Clearing Corporation (DTCC) is an American post-trade financial services company providing clearing and settlement services to the financial markets. It performs the exchange of securities on behalf of buyers and sellers ...
*
Society for Worldwide Interbank Financial Telecommunication
Swift or SWIFT most commonly refers to:
* SWIFT, an international organization facilitating transactions between banks
** SWIFT code
* Swift (programming language)
* Swift (bird), a family of birds
It may also refer to:
Organizations
* SWIFT, a ...
References
External links
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Payment clearing systems
Interbank networks
Federal Reserve System
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