I guess this is largely equivalent to Qvik in Hungary.
- Instantenous transfers (<5 sec hard requirement, usually sub-second) between local banks, - All local banks must implement support (not sure about the deadline, system is working reliably since a few years), - money can be sent or requested (needs approval, of course). - Primary IDs (bank account numbers) and optional secondary IDs (Phone number, email address) can be used - Supports QR codes for requests, - Free from any transfer costs for private people (not sure about companies) under 20M HUF (~50k EUR).
It is implemented using an Erlang according to my information, and is a very robust, well designed and tested scalable system.
You actually have many alternative money transfer systems around the world.
Like Qvik you mention, UPI in India, Blik in Poland, and Swish in Sweden.
Even cross border systems like Revolut pay.
Surprisingly the first system started with MPESA in Kenya. Showing that innovation can happen Africa, and does not need to limited to Europe or the USA.
+SBP in Russia with similar qualities. Russia also implemented compatible Visa/MC backbone which allowed friction-less migration after both companies left country at 2022.