On Nov. 17, Fed issued 2024 pricing for payment services it provides.
Fed announced its pricing schedule, effective Jan. 2, 2024, for payment services.
Services include clearing checks, ACH transactions, wholesale payment settlement.
Pricing Provisions
By law, Fed must establish fees to recover costs of providing payment services.
The expectation for 2024 is to recover 103% of actual and imputed expenses.
Overall, Fed estimates price changes will result in a 1.8% average price increase.
Also announced 2024 pricing for FedNow Service, real-time payment platform.
FedNow pricing will maintain the previous year's fee schedule for FedNow Service.
Effectiveness
The new fee schedules for Fed payment services become effective on Jan. 2, 2024.
Nov. 2023 Fed Final Fees Schedule
On Nov. 24, 2023, Fed published final private-sector adjustment factor (PSAF), pricing.
PSAF for 2024 set at $29.2mn; also, Fed approved fees schedule for priced services.
For 2022 actual, 2023 forecasted, and 2024 budgeted, Fed provided revenue, total expense, net income (ROE), targeted ROE, and recovery rate after targeted ROE (%).
Notification of 2024 PSAF and approved fee schedules made in the federal register.
