1. Are the transfers irreversible?
Why? Because one big problem with our current system is the fraud (and mistrust) that results from ACH/checks being sent under the impression they are guaranteed funds, but being reversed by the sender or because they didn't actually clear, days (up to weeks) later. This is a big source of scams. People are out lots of money because of this, and continuing every day that this doesn't get resolved. Not saying that we can protect everyone from everything, but this is a no-brainer. Are the transactions final (unless there is legal action and both parties are identified)?
2. Is it a "push" only system?
Push, obviously meaning that only the account owner can initiate a transaction to transfer funds out of the account. I figure it must be, if things are instantaneous and irreversible (but that is to be confirmed). I don't want any more of our current system where someone knowing my bank account numbers can accidentally or purposefully withdraw money from my account and it's up to me to detect and ask for that to be fixed. This is ridiculous that we still have a system that allows that.
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Of course, this new system means that people will need to be educated/trained on some of the dangers that may not be apparent when a system changes. Like, if someone gets duped into sending money, it is now irreversible. Or if fraud is committed somehow, there is no recovering from it. It probably (hopefully) will have to come with new types of account protection given these facts. Some problems will now be prevented, but new problems may be caused. An updated diligence on the part of users (and the system) will also be needed.
I think it's a welcome and overdue development though.