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Announcing 2024 Federal Reserve Financial Services Fees and Payment Service Enhancements

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Federal Reserve Bank

Announcing 2024 Federal Reserve Financial Services Fees and Payment Service Enhancements

Announcing 2024 Federal Reserve Financial Services fees and payment service enhancements

Federal Reserve Financial Services’ (FRFS) plans for 2024 reflect our continued strategic focus on providing customers with a fully integrated product suite that offers speed, resilience and choice. We are laser-focused on our mission of delivering a trusted and contemporary payment system that works for everyone.

Upcoming Enhancements

  • We will continue to simplify technology platforms and provide richer data and flexibility to our customers while facilitating the Fedwire® Funds Service’s March 10, 2025 implementation of the ISO® 20022 format.
  • We are enhancing our range of services that can assist our customers in detecting anomalous payment patterns, and we are expanding use of Application Programming Interfaces (APIs).
  • FRFS is also bringing greater transparency and efficiency to the cash supply chain with the broad availability of our FedCash® E-Manifest Service.
  • Additionally, we will continue to maximize the accessibility of instant payments by building on the successful July launch of the FedNow® Service.

2024 Pricing

Reflecting on these investments and generally higher operating costs, we are slightly increasing the prices of some services and leaving others unchanged in 2024. The impact on your financial institution will depend on your product mix and volume. We look forward to realizing future enhancements to the U.S. payment system alongside our customers.

Below, see a high-level overview of 2024 product fee changes and strategic service enhancements. More details on specific changes can be found on the Service Feespages on FRBservices.org®. All pricing changes will be effective January 2, 2024.

We value the trust you place in FRFS and the relationship we have with you. We look forward to providing you with efficient, reliable payment services and outstanding customer service in the upcoming year.
  

What you can expect in 2024

Pricing that will remain unchanged:

  • Fedwire Securities Service
  • FedNow Service

Price increases and product enhancements:

Accounting Services:  Account Information Service (AIS) Premium Service fees will increase.

Check Services:  Monthly participation fees, reject repair fees and select Retail Payments Premium Receiver (RPPR) discounts will rise. Check deposit deadlines will be simplified from five deadlines to four. Tier assignments will be reset to better align with receiver volume.

FedACH® Services: Tiered settlement fees will increase. A long-term receipt discount program will be introduced.

FedCash Services: The Cross-Shipping fee will increase. FRFS announces the broad availability of our FedCash E-Manifest Service.

FedLine® Solutions: FedMail® package and FedMail Email fees will increase. A new FedLine Web® Premier package will be introduced for customers that utilize FedLine Web check payment automation.

Fedwire Funds Service and National Settlement Service (NSS): The Funds participation, per-item gross origination/receipt and import/export fees will increase. Additionally, NSS per-file and per-entry fees will increase.
  

Additional resources

If you have questions about fee changes or how they may affect your institution, please contact your relationship manager or our Support Center, which now offers a single phone number (833-FRS-SVCS or 833-377-7827) for automated access to customer support teams for FedLine Solutions, FedNow Service, FedACH, Check and Fedwire Services. The Federal Reserve Board’s press release

Additional Info

Source : Federal Reserve Bank

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