; (B) consumers and small businesses are protected from fraud and errors, including with respect to a payment initiated by a consumer or small business; (C) the payment system is open to increased competition; and (D) outsized entities do not monopolize the financial infrastructure of the United States. (b) Purposes The purposes of this Act are— (1) to ensure that the United States has a safe, fast, efficient, equitable, and fair payment system; (2) to clarify that the Board of Governors of the Federal Reserve System has the existing authority to build a real-time payment system; and (3) to make certain that the Board of Governors of the Federal Reserve System follows through on implementing the system described in paragraph (2). 3. Definition In this Act, the term real-time has the meaning given the term in section 602 of the Expedited Funds Availability Act ( 12 U.S.C. 4001 ), as amended by section 4(a) of this Act. 4. Requirement that funds deposited be available for withdrawal in real-time (a) Definitions (1) In general Section 602 of the Expedited Funds Availability Act ( 12 U.S.C. 4001 ) is amended— (A) by redesignating paragraphs (20) through (25) as paragraphs (21) through (26), respectively; and (B) by inserting after paragraph (19) the following: (20) Real-time The term real-time — (A) means any time; and (B) includes a Saturday, Sunday, and a legal holiday. . (2) Technical and conforming amendment Section 3 of the Check Clearing for the 21st Century Act ( 12 U.S.C. 5002(2)(D)(iv) ) is amended by striking section 602(24) and inserting section 602(25) . (b) Expedited funds availability schedules Section 603 of the Expedited Funds Availability Act ( 12 U.S.C. 4002 ) is amended— (1) in subsection (a)— (A) in the subsection heading, by striking Next Business Day and inserting Real-time ; (B) in paragraph (1)— (i) by striking Except as provided in subsection (e) and in section 604, in and inserting In