Thursday , March 28, 2024

The Fed Releases Some FedNow Fees and other Digital Transactions News briefs from 1/28/22

  • The Federal Reserve’s FedNow real-time payments platform will charge a monthly $25 participation fee for each receiving routing transit number, 4.5 cents per credit transfer to be paid by sender, and a penny for a request for payment message, paid by requestor. The Fed expects to release a full fee schedule later this year in advance of an expected 2023 launch.
  • Sound Payments said its Sound Easy Pump EMV-compliant payment service for fuel pumps received approval from Sinclair Oil and is already in use at 14 Sinclair stations. There are more than 1,1500 Sinclair stations in 29 states.
  • Western Alliance Bank said it has acquired Digital Settlement Technologies, which does business as Digital Disbursements, a payments platform for class-action settlements. Terms were not announced.
  • Segmint, an analytics service focused on payments data, announced it will work with data-cloud provider Snowflake to analyze payments without the need to move data from the client institution and back again.
  • Trust Payments appointed payments veteran O.B. Rawls IV to its advisory board.

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