Aye Sinkov - I've often wondered that.

When I was working bank transfers for goods and services were practically instantaneous - why is it different for these type of transactions?

Of course, we had a business account so they may have more bods pressing buttons...but surely "electronic payment" should be quicker than that?

In January we booked a week at a hotel in Eastbourne in June. We were going to visit my Bro in law in Hastings, go to the tennis and have a day at Glyndebourne.
The money for all three things was instantly taken from our account. And all three have very happily agreed to refund us. Despite telling us over the weekend that the hotel and Glyndebourne had refunded us, we have still not received the payments.

It's definitely the banks dragging their heels and it is very obviously not an automatic transaction.