I think they use reserve accounts with each other backed against gold held in larger central banks. At the end of the day it's still a plain bank wire (I owe yo

I think they use reserve accounts with each other backed against gold held in larger central banks. At the end of the day it's still a plain bank wire (I owe you x) hoping for an opposing (we owe you x) to cancel it off. Or for the reserves to build up of what is owed..