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Welcome you guys to another edition of crypto news today we're going to show you what the Federal Reserve says about the Fed wire fund services and exactly how it works and now this was updated on February 19th of 2014 and this information is accurate and correct as of today July 22nd 2017 from the Federal Reserve's website you can see here this is the same Federal Reserve gov this is the federal website itself now the link to this page will be in the description for all of you guys to verify and to read it yourself but let's just see what the Federal Reserve has to say about their Fed wire fund services the Federal Reserve Bank provides the Fed wire fund service a real-time gross settlement system that enables participants to initiate fund transfer that are immediate final and irrevocable once processed depository institutions and certain other financial institutions that hold an account with the Federal Reserve Bank are eligible to participate in the Fed wire fund services in 2008 approximately seven thousand three hundred participants made Fed wire fund transfers the Fed wire fund transfer where the Fed wire fund service is generally used to make large value time-critical payments the Fed wire fund service is a credit transfer service participants originate fund transfers by instructing a Federal Reserve Bank to debit funds from its own account and credit funds to the accounts of another participant participants may originate fund transfers online by initiating a secure electronic message or offline via telephone procedures the Fed wire fund service business day begins at 9:00 p.m. Eastern Time on the preceding calendar day and ends at 6:30 p.m. Monday through Friday excluding and designated holidays for example Fed wire fund service opens for Monday at 9:00 p.m. on the preceding Sunday the deadline for initiating transfers for the benefit of a third party such as a banks' customer is 6:00 p.m. Eastern Standard Time each business day under certain circumstances Fed wire fund service operating hours may be extended by the Federal Reserve banks for further information about the Fed wire fund service please see the Fed wire services page on the Federal Reserve financial services website now let's break this down a little for you guys just so we all can understand this article a little more now it's important to note that these are a real-time transaction, and it's settled, and they are a participant to initiate fund transfers that are immediate, so again it's real-time its immediate its final and irrevocable which means it cannot be reversed and anything that is reversed obviously is not possible on this article by the Fed wire fund services it says in on their website it's irrevocable once processed now continuing depository institutions and certain other financial institutions that hold in an account with a Federal Reserve Bank are eligible to participate so now a depository institution and certain other financial institutions important to...
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