Federal Reserve Board
The Federal Reserve, the central bank of the United States, was founded by Congress in 1913 to provide the nation with a safer, more flexible, and more stable monetary and financial system. In addition to its role in monetary policy and banking supervision, each Federal Reserve Bank acts as a bank for banks and for the government.
A bank for banks: The Federal Reserve Banks provide financial services to depository institutions including banks, credit unions, and savings and loans, much like those that banks provide for their customers. These services include collecting checks, electronically transferring funds, and distributing and receiving cash and coin.
A bank for the government: Additionally, the Federal Reserve acts as a fiscal agent or bank to the federal government by providing financial services to the United States Department of Treasury and by selling and redeeming government securities such as Savings Bonds and Treasury bills.
The Federal Reserve’s Financial Services Policy Committee (FSPC) is responsible for overall leadership of the 12 Federal Reserve Banks’ financial services activities and related support functions.
Reporting to the FSPC are five national product/function directors with System-wide responsibility for the following areas: retail payments, wholesale payments, cash/fiscal services, treasury relations and support, and customer relations and support services. The product directors and product managers direct System-wide initiatives that support overall business strategies, develop and price products and services; and ensure that the Federal Reserve’s services meet the needs of depository institutions, the U.S. Treasury, and the public.
Fedwire
Fedwire is a Real Time Gross Settlement Funds Transfer system operated by the Federal Reserve Banks that enables financial institutions to electronically transfer funds between its more than 9,500 participants. In conjunction with the privately held Clearing House Interbank Payments System (CHIPS), Fedwire is the primary United States network for large-value or time-critical domestic and international payments, and it is designed to be highly resilient and redundant. The average daily value of transfers over the Fedwire Funds Service in 2007 was approximately $2.7 trillion, and the daily average number of payments was about 537,000. Only financial institutions can use Fedwire.
→ NOTE:
http://en.wikipedia.org/wiki/Fedwire
http://www.federalreserve.gov/paymentsystems/fedwire/
http://www.ffiec.gov/ffiecinfobase/booklets/wholesale/02.html
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