Federal Reserve Financial Services’ (FRFS) plans for 2024 reflect our continued strategic focus of 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 suite of information services and 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 Fees pages on FRBservices.org®. All pricing changes will be effective January 2, 2024.
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 has announced 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 (Off-site) outlines the fee changes planned for next year.
