Wire Transfer
A wire transfer is an electronic method of transferring funds between individuals or entities, typically across banks or financial institutions, using networks like SWIFT or Fedwire. It enables fast, secure, and direct movement of money, often for large or time-sensitive transactions, such as international payments or real estate deals. This process involves sending instructions through a secure system to debit one account and credit another, with details like recipient name, account number, and routing information.
Developers should learn about wire transfers when building financial applications, payment gateways, or banking systems that require handling high-value or cross-border transactions. It's essential for implementing features like automated payments, fraud detection, or compliance with financial regulations, such as anti-money laundering (AML) checks. Understanding wire transfers helps in integrating with banking APIs, ensuring data security, and optimizing transaction workflows for reliability and speed.