The Federal Reserve Banks are pleased to announce that in 2018, our customers will see relatively stable pricing with minimal increases in a few service lines. The minimal price changes planned for next year reflect the realized benefits of technology investments and enhanced services now available to our customers. We will continue to make investments in our products and services to adapt to the ever-changing payments landscape. Specific change detail can be found on the Service Fees page and in the 2018 Pricing Announcement Letter.
Continuing to evolve
The Federal Reserve Banks have recently completed components of a multi-year, comprehensive program to strengthen the resiliency and security of our wire, securities and settlement services. In light of this technology investment, we’ll be normalizing many of our fees in 2018. The Fedwire® Funds Service Payment Notification Origination Surcharge and the Tier 3 Pre-incentive fee will be reduced to encourage the adoption of the industry SWIFT global payments innovation (gpi) initiative. The National Settlement Service and Fedwire Securities Service fees will remain unchanged in 2018.
In an effort to improve customer experience and simplify ongoing upgrades, FedLine Advantage®, FedLine Command® and FedLine Direct® Solutions monthly package fees will now include all Virtual Private Network (VPN) device equipment needed to operate directly with the Federal Reserve Banks.
We are also expanding our FedComplete® Package offerings to include a FedLine Command option. Two new packages will allow financial institutions of all sizes the opportunity to automate their Automated Clearing House (ACH) processing.
In 2017, we updated our Check Services product offerings to more closely align with the current electronic check processing environment. We will continue to evaluate our offerings in light of that environment, and will annually adjust tiers based on volumes as part of that process. As a result, for 2018, some endpoints will be reassigned to new tiers that more accurately reflect their current presentment volumes.
FedACH® Services continually strive to increase efficiency, provide robust risk management tools and facilitate customer access to cost-effective, electronic payments. Additionally, we are keeping pace with and supporting the significant changes that are occurring in the ACH landscape, in particular Same Day ACH.
FedCash® Services continue to efficiently respond to market demand for U.S. currency. No price or service changes are planned for 2018.
Planning for the future
Changes planned for 2018 reflect our continuing commitment to offering our customers efficient and dependable services while maintaining the integrity of those services and meeting the Federal Reserve Banks’ obligation of cost recovery. We appreciate the opportunity to work with you and look forward to a successful 2018. If you have any questions, please contact your account executive.