Financial Services
Christopher D. Armstrong (bio)
Executive Vice President
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Wholesale Product Office

The Wholesale Product Office (WPO) is responsible for managing the Fedwire Funds Service, the Fedwire Securities Service, and the National Settlement Service (NSS) on behalf of the Federal Reserve System. Collectively, these services clear and settle financial transactions exceeding $4 trillion per day and are a foundational underpinning of the United States financial system.

Fedwire Funds
The Fedwire Funds Service is a real-time gross settlement system used by depository institutions to send or receive payments for themselves or on behalf of their customers to settle commercial payments, to settle positions with other financial institutions or clearing arrangements, to submit federal tax payments or to buy and sell federal funds.

Fedwire Securities
The Fedwire Securities Service is a book-entry securities transfer system that provides issuance, transfer and settlement services for all marketable Treasury securities, as well as for many federal government agency and government-sponsored enterprise securities and for certain international organizations’ securities.

National Settlement Service
The National Settlement Service is a multilateral settlement service owned and operated by the Federal Reserve Banks. The service is offered to depository institutions that settle for participants in clearinghouses, financial exchanges and other clearing and settlement groups.

Cash and Custody
  • Receives, processes and distributes new and previously circulated currency and coin to depository institutions to meet public demand for legal tender.
  • Accepts unfit and excess cash from depository institutions, government agencies and others.
  • Destroys unfit currency.
  • Distributes new or fit currency both domestically and internationally through a global distribution network of Extended Custodial Inventory (ECI) sites in foreign countries that the Bank manages for the Federal Reserve System.
  • Acts as custodian for other physical valuables as well, including gold bullion maintained by the Bank for foreign central banks.
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