What it means
A family of arrangements
Domestic and international wire services can use different networks and intermediaries. The sending bank’s acceptance, interbank settlement and the beneficiary’s ability to use funds are not necessarily one event.
Read the specific system rules
Fedwire Funds Service provides a US example with finality for payments credited to participating institutions’ Federal Reserve accounts. That property should not be generalized to every service called a wire. Instructions, beneficiary details, cutoffs, fees and any recall or investigation process must be checked with the relevant institution.
Related concepts
In practice
A concrete example
A business confirms beneficiary details and the receiving institution’s requirements before sending a supplier payment through its bank.
Technical notes & boundaries
Do not describe all wires as instant, reversible or irreversible under every circumstance. Fedwire rules concern that service and its participants.
Go to the source.
Original references used for this definition. Product details and standards can change.