Wire transfer and CHIPs both go through the NY Fed system. The banks send requests and money is drawn from or credited to the individual bank's account at the

Wire transfer and CHIPs both go through the NY Fed system. The banks send requests and money is drawn from or credited to the individual bank's account at the fed. Here are the specs: http://www.frbservices.org/campaigns/remittance/files/fedwire_funds_format_reference_guide.pdf http://www.frbservices.org/campaigns/remittance/files/fedwir...