Each day, approximately $1.3 trillion changes hands by means of wholesale wire transfers. Of this total, about $638 billion is exchanged on Fedwire, the Federal Reserve wire transfer network, while just under $622 billion moves over the privately owned Clearing House Interbank Payment System...

In the United States, bankers and the Federal Reserve System have attempted to control risk on large-dollar wire transfer networks by means of quantitative limits. Net debit caps, as the limit.. are called, restrict the extent to which an institution can incur daylight overdrafts on Fedwire and...