EU "faster payments" system. We don't quite have the last mile of hooking it up to apps with QR codes, though. To add another to the list, see Norway's VIPPS.

Is this what replaced ACH in the EU? It baffles me that it still takes 2-3 business days to perform transfers in the US over ACH.

It is everywhere in Europe but there is a problem with IBAN transfers. It exposes a lot of details, like your name and your bank branch, to the receiver. And some sites accept IBAN numbers for small payments without any other kind of authentication.

It's an electronic version of the times when we used to mail transfer cards to do transfers, but this day and age needs a lot more privacy protection. Same with other old tech like the phonebook. Who gets themselves listed anymore? It leaves you open to way much spam and scammy crap calls.