DEFINITION of 'Bank Wire'

An electronic message system allowing major banks to communicate various actions or occurrences regarding client accounts. The wire represents a secure computerized messaging system that sends account information, notifications and transaction requests between banks.

BREAKING DOWN 'Bank Wire'

While the bank wire does not affect actual transfer payments, such as a wire transfer, it will provide the financial institutions with knowledge of such events. For example, the purpose of a bank wire would be to notify a bank if a client has deposited funds into its account.

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