So what's the use case for this service now that there are fees? Cross border payments? Or is the banking infrastructure in the US so terrible that people would pay to send money in a way that isn't a bank transfer?
I get the whole interbank exchange weirdness, but still. Banks basically transfer money akin to using analogue switchboards.
The most modern standard is SEPA Instant Credit Transfer [1] which does transfers in under 10 seconds. As of right now 57% of European payment service providers have joined with this scheme.
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[1] https://www.europeanpaymentscouncil.eu/what-we-do/sepa-insta...