this post was submitted on 28 Sep 2026
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In Europe there's a system called SEPA, which is a network that allows instant transfer of funds. Right now, by law, banks are required to allow consumers to use SEPA at the same conditions as the regular old bank transfer, which means I could send you money right now for free and you could receive it instantly anywhere in the EU.
The technology exists. Banks just have no incentive on implementing it
Warning, Pedantry Ahead: Regular SEPA is maximum 1 business day - that's what's currently mandated by law in the whole SEPA area.
SEPA Instant is what you're describing - that's only mandatory for banks /in the Euro area/, not all of Europe. (That said, our local banks here in Romania at least have offered instant payments in local currency for donkeys' as well.) Apparently SEPA Instant will be mandatory for whole SEPA area from next year.
(Full disclosure - edited above because I didn't realise SEPA-Instant was now mandatory in the Euro area since last year.)
As you say though, the technology absolutely exists. And not just within the SEPA area; I also have accounts in Thailand and China - a transfer from my Romanian account to my Thai account is literally instantaneous (it's not unusual to get the "you have received..." popup from my Thai banking app before the "you have sent..." popup,) and to my Chinese account takes 5 minutes, tops - 7 days/week. The idea of having to wait days - let alone business days - for a payment to clear is just wild "let's take a time machine back 30 years" stuff.
(I mean... Cheques! Seriously. They still use cheques... shakes head.)