Fedwire is an electronic funds transfer system operated by the Federal Reserve Banks that enables financial institutions to electronically transfer funds between its more than 8,900 participants. In conjunction with the privately-held Clearing House Interbank Payments System (CHIPS), Fedwire is the primary U.S. network for large-value or time-critical domestic and international payments, and is designed to be highly resilient and redundant. The average daily value of transfers over the Fedwire Funds Service is approximately 2.3 trillion dollars and the daily average number of payments is about 532,000.