The Federal Reserve System operates a national funds-transfer system, Fedwire, and acts as a clearinghouse for transactions executed over the system. Fedwire provides for the electronic transfer of immediate and irrevocable payments between participating institutions and functions as both a clearing and settlement facility for funds and securities transfers, which average more than $1 trillion per day. The Fedwire funds-transfer system is a real-time, gross-settlement, credit-transfer system. Each funds transfer is settled individually on the books of the appropriate Federal Reserve Bank as it is processed and is considered a final and irrevocable payment. The Federal Reserve guarantees immediate availability of funds. Banks can access Fedwire in several ways. Many large banks’ computer to computer links between the banks’ computer facility and the Federal Reserve are over leased telephone lines. Lower volume users usually have dial-up access using microcomputers and Fedline software. Some users are off-line, requiring a separate call to the Federal Reserve for each transaction. Fedwire also processes book-entry securities transfers. The institution sending the transfer receives immediate credit in its Federal Reserve (funds) account for the payment associated with the transfer, and its securities account is correspondently debited. The Federal Reserve (funds) account of the institution receiving the transfer is debited for the payment amount, and its securities account is credited. (Federal Reserve-Commercial Bank Examination Manual)