Board of Governors of the Federal Reserve System

The Federal Reserve Board on Thursday announced pricing, effective January 3, 2023, for payment 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. The Reserve Banks expect to fully recover 100.2 percent of actual and imputed expenses in 2023, including the return on equity that would have been earned if a private-sector firm provided the services. Overall, the Reserve Banks estimate that the price changes for 2023 will result in a 2.9 percent average price increase.

The Board also announced the 2023 pricing for the FedNow^SM Service, a real-time payments platform, which is targeted to launch between May and July next year. The pricing is substantially similar to the anticipated pricing announced on January 27, 2022.

In addition, the Board approved the 2023 private-sector adjustment factor (PSAF) of $23.7 million for Reserve Bank priced services. The PSAF is an allowance for income taxes and other imputed expenses that would have been paid and the return on equity that would have been earned if the Reserve Banks' priced services were provided by a private business.

The 2023 fee schedule for each of the priced services, including the FedNow Service, is listed in the attached Federal Register notice and will be published on FRBservices.org^SM.

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