The Fedwire Funds Service is the formal name of the payment system usually called Fedwire, operated by the Federal Reserve Banks. It lets banks and other eligible institutions send payments to one another that settle individually and immediately in central bank money, making it the main real-time gross settlement system for the US dollar. The main entry covers its history and operation.
The full name distinguishes it from the Fedwire Securities Service, which transfers US government and agency securities, and from other Federal Reserve services such as FedACH and FedNow. Many people simply say a payment was sent "by Fedwire" or as a domestic wire transfer.
The Fedwire Funds Service moved to the ISO 20022 message format in July 2025, replacing its earlier proprietary format. It is used for interbank transfers, settlement of other payment systems, and time-critical customer payments such as property purchases.