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5:00Wire Transfers & RTGS: Why a Wire Can Never Come Back
A card charge can be disputed for months. A wire is gone the instant it lands, no chargebacks, no recall, no undo. The reason is one word central banks built their plumbing around: finality.
A wire transfer moves big money between banks through a real-time gross settlement (RTGS) system run by a central bank. The three giants are Fedwire (US dollar, the Federal Reserve), CHAPS (sterling, the Bank of England) and T2, formerly TARGET2 (euro, the European Central Bank, re-platformed in March 2023). These are the rails behind house purchases, corporate treasury moves and bank-to-bank settlement, the cases where being paid *today, for certain* matters more than the fee.
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