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Let's say I want to facilitate transactions between two parties, and if there is one user who gives payment information, such as their bank account in USD, I'd like to exchange that into ETH automatically, then proceed with the transaction. 2 Questions:

  1. How can my dapp automatically (within a few minutes) perform the exchange?

  2. Can I use the same method solving question 1 to payout an ETH transaction as USD to someones account?

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What you are trying to do is an exchange.

This link will give you an idea of how this works: https://medium.com/dfinity/a-recipe-for-creating-fully-decentralized-cryptocurrency-exchanges-today-3c4ec756fbc7

If you include USD pairs you will need to comply with all the regulations in your country including anti money laundering, etc. However some bridge services claim to be able to connect you to financial institutions and services like PayPal: chainlink. https://chain.link

Furthermore there is an article from consensys showing a use case converting ether to usd, using chainlink: https://media.consensys.net/bridging-the-fiat-crypto-divide-431eee00d5bf

Hope this helps

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