Banks by EU law have to comply with SEPA / instant payments. Payments in Europe is very good compared to US and in most cases also better than Asia. After all,

Banks by EU law have to comply with SEPA / instant payments. Payments in Europe is very good compared to US and in most cases also better than Asia. After all, Europe invented open banking and PSD2. Asia is very fragmented. Countries like China, HK and Singapore are very good on instant payments, in particular because card payments have very high MDR and fees. Other countries like Indonesia and Philippines are just now starting to implement fast payments and national clearing infrastructure. And, unlike Europe, cross-border payments are still highly fragmented and expensive.