The Federal Reserve recently announced pricing for the FedNow Service, which will launch mid-year 2023. To support widespread adoption of instant payments, the Federal Reserve is offering key pricing discounts for new FedNow Service customers in 2023.

These include waiving the $25 monthly service fee ($300 annual value) and discounting the $0.045 customer credit transfer fee on the first 2,500 customer credit transfers per month (up to $1,350 annual value).

Other FedNow Service fees for 2023 include:

•    $1.00 liquidity management transfer fee

•    $0.01 request for payment fee

•    $0.045 return customer credit transfer fee

More information, including a summary of pricing changes and highlights for all Federal Reserve Financial Services, can be found on FRBservices.org.