Same day transfers have been a reality for a long time (at least in The Netherlands), the fact that it takes 3 - 5 days here in the US is absolutely insane.
Don't forget that many banks will still require that they fax you a form to sign which must be faxed back for large transfers. This + multiple phone calls to both the bank and the person you're trying to pay make for a fun time.
Sure, but most transactions aren't large. The UK system is convineant enough that I've had several occasions where people have asked me to grab some cash for them on the way to meet because it was easier to make an instant bank transfer than to make the detour to a cash point.
https://www.ecb.europa.eu/press/pr/date/2015/html/pr151127.e... https://www.europeanpaymentscouncil.eu/what-we-do/sepa-insta...
Same day transfers have been a reality for a long time (at least in The Netherlands), the fact that it takes 3 - 5 days here in the US is absolutely insane.