Does the NSA need a warrant to purchase information that’s being legally gathered and sold?
The governments in the US shouldn’t be collecting non-public information without a warrant if acquiring that information directly would require a warrant. Seems like a clear infringement of the 4th amendment.
Financial institutions have been happy with the fees generated by not having this system in place. And the Fed is explicitly not allowed to compete with its member banks.
It’s more of a protocol/standard which can be used to build applications and interfaces. Bill pay will likely be an application and your bank’s website will likely have some interface that uses FedNow. But there will be many other applications and interfaces.