Also, I don't understand how date free credit as you've described it will massively enhance liquidity and availability of credit compared to dated credit?

Basically it means that you don't have to wait for settlement. You may use one undated obligation to settle or offset another, and you will have an overall credit or debit balance against everyone else collectively.

There are some interesting new tools available such as Ripple Pay which are essentially clearing agents which settle balances.

Credit Obligations are used to settle other obligations by creating chains of settlements.

If the obligations are dated, then it becomes much more difficult unless dates match, and that is where liquidity problems conventionally occur. One of the big problems was that Banks had long term obligations in their loans to debtors, and short term liabilities to their depositors.

If obligations are undated - ie credit is Date-Free - then liquidity is massively enhanced.

"The future is already here -- it's just not very evenly distributed" William Gibson