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FedNow Service Pricing Is Announced

The Federal Reserve Board has announced pricing, effective January 3, 2023, for payments services the Federal Reserve Banks provide to depository institutions, such as the clearing of checks, ACH transactions, and wholesale payment and settlement services. By law, the Federal Reserve must establish fees to recover the costs of providing payment services over the long run. Overall, the Reserve Banks estimate that the price changes for 2023 will result in a 2.9 percent average price increase.  The announcement includes pricing for the FedNowSM Service, the real-time payments platform that is targeted to launch between May and July next year. The pricing is substantially similar to the anticipated pricing announced on January 27, 2022.