Square is taking advantage of the existing terrible system to give users an experience that is a step in the right direction.
But I agree having instantaneous transfers instituted at the bank level would be real progress. Unfortunately congress can't even agree on the incremental changes it makes to the existing system, so I have little hope for sweeping reform.
As the global experience shows, it won't happen without government regulation forcing it - the current system has a strong financial motivation to keep it slow and expensive forever, but other than that there aren't any serious obstacles.
