Federal Reserve Financial Services said on September 15, 2026 that a new FedNow discount program will start on January 1, 2027. Institutions that turn on receive or send capabilities will get the discounts as statement credits. The sender discount also requires baseline activity thresholds. The same change discontinues the current origination discount on the first 2,500 items per month.

What the announcement says

The program is aimed at “new and existing FedNow participants”, and the discounts are “delivered through statement credits” rather than lower list prices, according to Federal Reserve Financial Services. There are two tiers. The receiver discount goes to institutions that enable FedNow receive capabilities. The sender discount goes to institutions that enable send capabilities and meet baseline activity thresholds, which the announcement names as a condition without giving the levels. It does not name the discount amounts either.

“By offsetting upfront costs, we’re helping organizations turn on send and receive capabilities sooner,” said Nick Stanescu, chief FedNow executive.

What it changes for banks and fintechs

Two things move at once on January 1, 2027. Send enablement earns a credit against the cost of turning it on, and the origination discount on the first 2,500 items per month goes away. An institution that originates small monthly volumes today loses a break it has now, while one still weighing send capability gains a reason to enable it sooner.

The effect reaches fintechs through their bank partners. A program that pays out in real time through a sponsor bank depends on that bank’s instant-payment pricing, the same input that shapes any embedded payments build. Platforms that choose rails per transaction through payment orchestration will want the 2027 terms before they set defaults. More in payments news and the payments guides.

What to watch

  • January 1, 2027. The discount program starts, and the origination discount on the first 2,500 items per month ends.
  • Baseline activity thresholds. The sender discount depends on them; the announcement does not publish the levels.
  • Discount amounts. Not stated in the announcement.