Earlier quoted context omitted.
And also instant free wire transfers. Paypal would probably never happened if US had a banking system like the one in some European countries.
For fairness one must say that our free run-of-the-mill wire transfers being instant is a relatively recent development. They used to take multiple days in pre-SEPA-days, and international payments were a hassle (and also usually not free). And even today not all transfers are instant, as both banks must support this feature. But the processing time for the non-instant ones is down to one day across the board at leas…
Basically it pays to be backward with these things - you skip many bad solutions and can learn from others. Our bank system was reconstructed almost from scratch in early 90s so it's quite modern now.