In NZ we can transfer money willy nilly between different bank accounts. Hell even to aussie accoubts i dont think its too hard. Could start with getting that implemented.

This is normal in the SEPA zone too. Within some countries (at least the Netherlands) there are apps that make it easier, but all they're basically doing is putting the transfer behind a slightly more convenient link that doesn't require typing in an account number.

The problem with SEPA is that is does not work at night or over the weekend and even during normal business hours it might take a day for the money to arrive (depending on some specifics of the banks involved).

This is fine for many use cases, but totally different from the paypal experience.