The recently announced pricing changes for 2024, which took effect Jan. 2, support Federal Reserve Financial Services’ (FRFS) plans for the new year and 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
FRFS is improving the payments system in 2024 by developing and supporting new products and initiatives, including:
- 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 suite of information services and expanding use of application programming interfaces (APIs).
- We are bringing greater transparency and efficiency to the cash supply chain with the FedCash® E-Manifest Service, now available to all financial institutions and their servicing armored carriers that work directly with the Fed.
- We will continue to maximize the accessibility of instant payments by building on the successful July launch of the FedNow® Service.
2024 pricing
Due to these investments and generally higher operating costs, we have slightly increased the prices of some services and left others unchanged in 2024. The impact on your financial institution will depend on your product mix and volume.
Below is a high-level overview of 2024 product fee changes and strategic service enhancements. More details on specific changes can be found on the Service Fees pages on FRBservices.org®. All pricing changes are effective as of Jan. 2, 2024.
Pricing remains unchanged for the following services:
- Fedwire Securities Service
- FedNow Service
Price increases and product enhancements have been made for the following services:
- Accounting Services: Account Information Service (AIS) Premium Service fees increased.
- Check Services: Monthly participation fees, reject repair fees and select Retail Payments Premium Receiver (RPPR) discounts increased. Check deposit deadlines have been simplified from five deadlines to four. Tier assignments have been reset to better align with receiver volume.
- FedACH® Services: Tiered settlement fees increased. A long-term receipt discount program has been introduced.
- FedCash Services: The Cross-Shipping fee increased. FRFS has announced the broad availability of our FedCash E-Manifest Service, which has no fees from the Fed to use this service.
- FedLine® Solutions: FedMail® package and FedMail Email fees increased. A new FedLine Web® Premier package has been 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 increased. Additionally, NSS per-file and per-entry fees increased.
Additional resources
If you have questions about fee changes or how they affect your institution, please contact your relationship manager or our Support Center, which now offers a single phone number (833-FRS-SVCS or P: 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 (Off-site) outlines the fee changes planned for this year.
