Which governing entities regulate the Wire Transfer Payment System?

The governing entities that regulate the Wire Transfer Payment System primarily include UCC 4A and Regulation CC.

UCC 4A, which stands for the Uniform Commercial Code Article 4A, specifically addresses funds transfers and outlines the rights, duties, and liabilities of parties involved in wire transfers. This legal framework establishes the rules for the transfer of funds via electronic means, ensuring both the security and efficiency of these transactions.

Regulation CC, on the other hand, pertains to the availability of funds and the collection of checks. Although it primarily addresses checks, it also applies to the processing of electronic funds transfers, including wires, by ensuring that customers are informed about the availability of funds and that transactions are processed in a timely manner.

Together, these regulations create a comprehensive oversight mechanism for wire transfers, balancing consumer protection with the operational needs of financial institutions, thus facilitating a safe and orderly payment system.