What Is FedNow? The Government’s First Instant Payment Service Launches Soon

TL;DR: FedNow is rolling out, and it will allow any bank with a Federal Reserve Master Account to (nearly) instantly transfer money to other banks via ISO20022 messages.

IOW: Your bank will be able to offer a "instant payment" service that can send/receive payments to other banks.

Opponents of the system don't like that the Fed will be able to see all transactions.