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Keep in mind that what the Fed is building will just be a backend service for facilitating instant money transfers, not an end-user product. It will be up to the banks to develop the front-end for their customers to use.

Especially for something that’s actually not available now but in five years ...

FedLater℠ Service.. Joking aside, this area is ripe for an overhaul/redesign, and I'm glad they're working towards it.

> The rapid evolution of technology presents a pivotal opportunity for the Federal Reserve and the payment industry to modernize the nation's payment system and establish a safe and efficient foundation for the future.

Yea, sounds like a grubhub competitor.