US: Fedwire, FedNow, ACH, CHIPS

What You Can Do After This Chapter

Learning objective. Learner compares Fedwire, FedNow, ACH, and CHIPS in the United States, explaining settlement timing, finality, value limits, and the business cases each system serves. Learner applies this skill in realistic banking scenarios, with clear examples and correct terminology throughout.

Practical assessment. Learner receives five United States payment needs, including a 2,000,000 dollar same-day settlement, a 1,500 dollar payroll batch, and an instant 400 dollar person-to-person payment, and selects Fedwire, FedNow, ACH, or CHIPS for each. Learner then calculates the settlement date for an ACH batch submitted on a Friday and explains the finality difference between Fedwire and ACH. Learner submits all work with sources, calculations, and assumptions stated clearly, and reviews the result against the chapter checklist before submission.

Expected deliverables.

• Fedwire, FedNow, ACH, CHIPS comparison table
• Rail recommendation sheet for five needs
• ACH settlement date calculation worked example
• Finality explainer for Fedwire versus ACH

Completion criterion. Learner selects the correct system for at least four of five needs, calculates the ACH date correctly, and explains finality differences accurately. Completion is judged on accuracy, completeness, and clear written explanation throughout.