Federal Reserve to Launch New Instant Payment Service. Here Are the Details

The Federal Reserve announced on Monday the launch of an instant payment service in the summer of 2023.

What am I missing here? I thought the Fed controlled the currency. How are they going to set up a “payment system” for consumers and businesses?

Isn’t that exactly what the banking system is supposed to do?

Is this going to circumvent the banks & cut them out of the loop? Or somehow force the banks to use the new system?