SPS US FedNow Disclosures
1. FedNow Overview & Transaction-Records / Data-Use Disclosure
FedNow Instant Payments
FedNow® is a real-time payment service operated by the Federal Reserve Banks that allows you to send and/or receive instant credit transfers in U.S. dollars 24 hours a day, 7 days a week, including weekends and holidays. Payments are routed and posted based on the account and routing number you provide, and once a FedNow payment is accepted and posted to an account, it is final and cannot be reversed through the FedNow Service.
Use of FedNow Transaction Data
We may process certain payment transactions using the FedNow Service. In connection with those transactions, transaction records and related information (including payment details and identifiers) may be used and disclosed by us and the Federal Reserve Banks for purposes of operating, maintaining, and improving the FedNow Service, including any related directory, risk, compliance, and fraud-prevention services. By using services that support FedNow payments, you authorize us to share and disclose FedNow transaction information as necessary for these purposes, consistent with our Privacy Notice and applicable law.
2. Fraud-Data Disclosures
Fraud Monitoring and Data Sharing for FedNow Payments
To help protect you and the financial system from fraud and abuse, we may collect, use, and retain fraud-related information about FedNow transactions, such as device and network information, behavioral and transactional patterns, internal risk scores, and case-management notes. We may use this information to detect, investigate, and prevent fraud, security incidents, and misuse of your account, and we may share fraud-related data with our service providers, Lead Bank, the Federal Reserve Banks, and other financial institutions involved in a transaction where reasonably necessary for these purposes or as required by law. Our collection, use, and sharing of this information is also subject to our Privacy Notice.
3. Fee Schedules for FedNow Payments
Consumer-style version:
Fees for FedNow Instant Payments
We may charge fees for sending or receiving payments using the FedNow Service. Any such fees will be clearly disclosed in our fee schedule and, where applicable, in the payment flow before you confirm a transaction.
Current FedNow-related fees are:
Sending a FedNow payment: $[X].
**Receiving a FedNow payment:** $[Y] (if applicable).
We may change these fees from time to time as permitted by your account agreement and applicable law. If we do, we will provide you with any required advance notice, and we will update our fee schedule and disclosures accordingly.
Corporate-only (no consumer protection emphasis):
FedNow Pricing
We may assess fees for FedNow transfers, including per-transaction or volume-based fees. Applicable FedNow fees are set forth in your pricing schedule or commercial agreement and, where relevant, may also be displayed in our user interface prior to submission of a payment. You remain responsible for all such fees incurred under your account.
4. Funds-Availability Disclosures (FedNow Credits)
Funds Availability for FedNow Payments
When we receive a FedNow payment to your account and accept it for posting, we will generally make the funds available in your account immediately, 24 hours a day, 7 days a week, including weekends and holidays. In limited circumstances, we may delay availability of FedNow funds, for example, when we believe a transaction may be fraudulent, unauthorized, or otherwise requires additional review to comply with law or our risk policies. If we delay availability, we will place a hold on the funds and will restore availability once our review is complete or we determine that the payment cannot be posted and must be returned. These FedNow availability rules are more favorable than our standard funds-availability policy. If, due to an error or exception, we cannot automatically post a FedNow payment to your account, our general funds-availability and error-resolution policies will apply to that transaction.
5. FDIC Insurance
FedNow is a real-time payment rail and is not itself an FDIC-insured product. FDIC insurance applies to eligible deposits held in FDIC-insured accounts (including qualifying FBO/pass-through arrangements) at participating banks, regardless of whether those funds are moved via FedNow, ACH, or wire.