In 2000, there were approximately 15 billion credit card transactions with a total value of approximately $ trillion. Large dollar, or wholesale, payments are processed electronically through either the Fed’s Fedwire system or the private sector’s Clearing House Interbank Payment System (CHIPS). Fedwire is available to depository institutions that have accounts with Federal Reserve Banks.
It is used by about 9,000 depository institutions to make electronic funds transfers, on their own behalf or on behalf of their customers.