The important development is that everything on FedNow, even the smallest transactions, can be tracked in realtime on a gross basis. That alone is going to change how investors think about cash and precautionary liquidity.
"Just-in-time payments should reduce aggregate demand for liquid balances," said Barclays analyst Joseph Abate.
https://www.ft.com/content/50dd7e1b-941c-4b72-a602-a68146e21563