Short answers, pulled from the story.
Western Union launched its first wire transfer service in 1872 using an existing telegraph network. A sender paid money to one telegraph office and provided a password or code book entry for the transaction.
The Federal Reserve operates Fedwire as a real-time gross settlement system where each transaction posts individually and immediately to electronic accounts held by participating banks at the central bank. Clearing House Interbank Payments System CHIPS uses net settlement on a periodic basis instead of immediate posting.
Average outgoing domestic wire fees reached $25 among the fifteen largest retail banks in 2016. Incoming domestic wire fees split evenly between free and $15 during that same year.
Every intermediary bank handling a wire can deduct fees from the payload without client knowledge or consent. Bank S contracts with Bank R but intermediary banks I1, I2, and I3 often take money from the wire itself so clients sometimes receive less than sent because no legislation protects them globally.
SWIFT operates as a cooperative society founded in 1974 by seven international banks to facilitate fund transfer messages. Headquarters sit in La Hulpe near Brussels Belgium while managing a global network infrastructure.