The Federal Reserve shared its anticipated pricing approach for the FedNow Service (Off-site). The approach, which was created based on industry input and insights from the FedNow Pilot Program, is being shared in advance of the service’s 2023 launch to support financial institutions and service providers as they prepare to implement the service. The 2023 FedNow Service fee schedule, to be published later in 2022, will include the following fees (and may include other fees or incentives):
- A $25 monthly FedNow Service participation fee for each routing transit number (RTN) that enrolls to receive credit transfers in the service
- A fee of $0.045 per transaction to be paid by its sender, including returns
- A fee of $0.01 for a request for payment (RFP) message to be paid by the requestor, including both requests for a new payment or funds to be returned. A business can send an RFP through the FedNow Service to a participating financial institution to request payment of a bill, invoice or other amount owed by the receiving financial institution’s customer
Standard fees will apply for those financial institutions accessing the FedNow Service via FedLine® Solutions.
In addition, the Federal Reserve shared the FedNow Service’s initial credit transfer transaction value limit, at a maximum of $500,000. However, the default limit is set at $100,000, and financial institutions can adjust it up or down. The Federal Reserve will evaluate the credit transfer limit on an ongoing basis and adjust as appropriate.