Last reviewed: · Curated by Ohmyfin Organisation editorial.
Fedwire is the Federal Reserve's real-time gross settlement system for USD inside the US. SWIFT is the global messaging network for cross-border payments. They work together: an inbound USD wire to a US beneficiary typically arrives via SWIFT MT103, then settles in the US on Fedwire.
Details
Fedwire is same-day, irrevocable, and settles in central-bank money. It runs from 21:00 ET the prior day to 19:00 ET on the cycle day.
SWIFT does not settle anything — it only carries the message. Settlement happens in each currency's domestic RTGS (Fedwire for USD, TARGET2 for EUR, CHAPS for GBP, BOJ-NET for JPY, etc).
A USD payment from Germany to a US beneficiary therefore uses SWIFT for the cross-border leg and Fedwire for the final US settlement.
At-a-glance comparison
SWIFT vs Fedwire — side-by-side comparison
SWIFT
Fedwire
Operator
SWIFT cooperative
US Federal Reserve
Role
Cross-border messaging
US domestic RTGS
Currency
Any
USD only
Speed
Same-day GPI
Real-time intra-day
Finality
Final at settlement
Final at credit (irrevocable)
Tracking
UETR
IMAD / OMAD
Cut-off
Per-currency
19:00 ET
Key facts
SWIFT = international messaging; Fedwire = US settlement rail
Both same-day, both irrevocable
A typical inbound USD wire uses both
UETR works on the SWIFT leg; Fedwire uses an IMAD/OMAD reference
Frequently asked questions
Can Ohmyfin track Fedwire-only payments?
Ohmyfin tracks SWIFT GPI. Fedwire-only intra-US wires are tracked by the originating bank using IMAD/OMAD references.
Related — more from payment system comparisons and beyond
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