SEPA instant already exists. I think it guarantees sub-10s transactions. Unfortunately it is not the default.
SEPA is only for Euros but there are countries that don't use Euros that still use IBAN (e.g. Switzerland and UK).
alt Hacker News
SEPA is only for Euros but there are countries that don't use Euros that still use IBAN (e.g. Switzerland and UK).