This is not something revolutionary, multiple countries already have instant payment: https://en.wikipedia.org/wiki/Instant_payment https://en.wikipedia.org/wik

This is not something revolutionary, multiple countries already have instant payment: https://en.wikipedia.org/wiki/Instant_payment https://en.wikipedia.org/wiki/Instant_payment. This is just a technical improvement on existing systems. Regarding your questions the FED is simply providing a facility (https://en.wikipedia.org/wiki/Clearing_house_(finance) https://en.wikipedia.org/wiki/Clearing_house_(finance)) that willing participants (the list of early adopters is in the article) can use.