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The Federal Reserve Bank of Chicago was the Federal Reserve System's switching center for wire transfers, as seen in this undated photo, circa 1949. The Federal Reserve System transferred funds and sent other messages over telephone wires shortly after its formation in the 1910s. Now electronic funds transfers occur at a phenomenal speed: In 1997, Federal Reserve banks, which act as intermediaries for financial institutions, processed 357,000 transfer origination messages daily, with an average transaction value of $3.2 million. Transactions processed using the Fedwire Funds Transfer System generated an annual dollar value of $288 trillion in 1997. |
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Glossary
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Annual Report
