It’s the Real Time Gross Settlement mechanism (RTGS) . Which “may” set the stage for CBDC’s.

That’s all we really know ATM.

“The FedNow Service will launch with a robust set of core clearing and settlement functionality and value-added features. **More features and enhancements will be added in future releases to continue supporting safety, resiliency and innovation in the industry as the FedNow network expands in the coming years**