The wire transfer system that links domestic banks with the Federal Reserve System and is used to make large funds transfers for deposits, make loan payments, transfer book entry securities among themselves and act as payment agents on behalf of large corporate customers is the
Blank
______ system.

Question

The wire transfer system that links domestic banks with the Federal Reserve System and is used to make large funds transfers for deposits, make loan payments, transfer book entry securities among themselves and act as payment agents on behalf of large corporate customers is the 
Blank
______ system.

BlackTom AI · Accepted Answer

The question asks us to identify the wire transfer system that connects domestic banks with the Federal Reserve System and handles large funds transfers for deposits, loan payments, transfer of book-entry securities among themselves, and acts as payment agents for large corporate customers.
Option 1: clearinghouse. While clearinghouses facilitate the settlement of transactions and reduce risk among financial institutions, they are not the primary system that links banks to the Federal Reserve for high-value wire transfers. They generally handle net settlement and clearing of various payments, not the Fedwire-specific large-value transfers described here.
Option 2: Fedwire. This is the system specifically designed for large-value, time-critical transfers among banks and other institutions, operating as a real-time gross settlement system linked to the Federal Reserve. It supports large deposits, loan payments, and movement of book-entry securities, and various payment services for large corporate clients. This description closely matches the system in question.
Option 3: ATM. Automated Teller Machines (ATMs) enable cash withdrawals and certain account inquiries, but they do not function as a system for interbank high-value wire transfers or settlement with the Federal Reserve. ATMs are consumer-access channels, not interbank settlement rails.
Option 4: ACH. The Automated Clearing House (ACH) handles batch processing for many electronic payments, like direct deposits and bill payments, typically on a lower-value, non-urgent basis. It is not the real-time, large-value wire transfer system connected to the Federal Reserve described in the prompt.

In summary, the described functions—linking domestic banks with the Federal Reserve, enabling large funds transfers for deposits and loan payments, transferring book-entry securities, and serving large corporate customers—are characteristic of the Fedwire system. The other options cover distinct payment undertakings and infrastructures that do not match these high-value, real-time transfer services.

The wire transfer system that links domestic banks with the Federal Reserve System and is used to make large funds transfers for deposits, make loan payments, transfer book entry securities among themselves and act as payment agents on behalf of large corporate customers is the Blank ______ system.

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